ABSOLUTELY! Australia produces 95% of the world's precious opals and 99% of black opals. Coober Pedy in South Australia is known as the opal capital of the world. With year-round extremes in temperature, more than 50% of the population live in below-ground dugouts! From diamonds, emeralds, gold, silver and industrial minerals Australia's natural resources are fabulous. This amazing natural wealth, still largely untapped, makes Australia one of the most resource-rich nations on earth.