Diamonds haven't always proven to be a girl's best friend when it comes to Australian netball.

The winner of the sport's most prestigious prize, the Liz Ellis Diamond, will be named on Saturday night at Netball Australia's annual awards ceremony in Melbourne, which this year will also celebrate the team's world championship triumph.

Up to six players are considered strong contenders for the one-carat diamond prize, named after former Australian skipper and the country's most capped international player, Liz Ellis.

But since it was first awarded in 2008, the diamond has proven to have a dark side.

The first winner, Mo'onia Gerrard, missed the following international season with an ankle injury, while 2009 winner Julie Corletto needed a knee reconstruction that almost curtailed her career.

Last year's winner Natalie von Bertouch, the current Australian captain, will undergo surgery on Monday on her foot, which forced her to miss the team's last six Tests of the year.

Australian coach Lisa Alexander said the national players were still desperate to win the Diamond, despite its history.

The award recognises the player who receives the most votes for outstanding achievement in both the international arena and the ANZ Championship each year.

"Apparently, there's a curse attached to it at the moment," Alexander joked.

"It just happens to be at that particular stage of a player's career, I think.

"The amount of netball that's played and training, and obviously these girls have upped their load each year in intensity and sometimes things happen because of that."

Alexander, who took over from long-time coach Norma Plummer after the world title win in Singapore in July, said the award was wide open.

She said Queensland players, who won the ANZ Championship, including goal-keeper Laura Geitz and goal attack Natalie Medhurst, were among the frontrunners.

Alexander also named goal-shooters Caitlin Bassett and Cath Cox, who took over as skipper from the injured von Bertouch, and former winner Corletto, among the contenders.

Medhurst is a stand-out after she was declared joint winner of the Championship's MVP and four player-of-the-match awards at the world titles, including in the final against New Zealand.

"Whoever wins the Liz Ellis Diamond thoroughly deserves it," Alexander said.