The series was won by New Zealand, who, after a shaky round robin phase, qualified in fourth spot going on to defeat first-placed Jamaica 29-28 in the semi-final then surpassing England in a nail biting final, winning 28-26.
The Diamonds were third after the round robin playoff between the six teams which saw mixed results of two wins, two draws and a loss and ended up being just not strong enough to move past England in the semis.
Australia's round robin phase started strong with a first day win over arch-rival and series champions, New Zealand, and a draw with England.
Things then started to go south for the Aussies with a loss of 32-30 to Jamaica on their first game on Saturday and then going on to be held to a surprising 34-34 draw by Malawi, before redeeming themselves against South Africa 39-13.
Third at the end of the round robin, Australia then lost 26-25 to second-placed England in the semi-final and then again in the third-fourth place play-off, where they were defeated for a second time by a single point margin by Jamaica, with the final score of 30-29.
The inaugural tournament is played under the modified 'Fastnet' format which has six minute quarters and allows unlimited substitutions.
This year's team was led by Adelaide shooter Kate Beveridge, with only four of the squad having played Test netball previously and none of the members of the squad having been those who helped to take the silver medal at the recent Commonwealth Games in Delhi.
The tournament was the last competition of the 2010 netball season with the Australian Netball awards to wind up the year officially this Saturday.
The awards are to be held at Zinc, Federation Square in Melbourne, with the evening going to feature the Liz Ellis Diamond Award and the induction of members into the Netball Australia Hall of Fame.