The Lightning Ridge Opal and Gem Festival is a four day event that includes the Opal Queen Ball, Opal and Gem Expo, IOJDAA Trade Show, and IOJDAA Jewellery Competition which is held biannually. The event attracts approximately 4000 people over the four days, and the event is the largest on the Australian opal events circuit. The indoor and outdoor stalls feature a wide variety of cut and polished gemstones, jewellery and lifestyle products. The festival is run by the Opal and Gem Festival Committee and is a not-for-profit event with approximately 15 percent of the profit donated back to the local community.