A telemetry system for communicating information axially along a drill string, the system comprising: (a) an axial conducting loop formed by the drill string for conducting an axial electrical signal embodying the information between a first axial position in the drill string and a second axial position in the drill string, which axial conducting loop extends between the first axial position and the second axial position; and (b) a transmitter for transmitting information to the axial conducting loop, wherein the transmitter comprises a transmitter coil comprising a plurality of windings; wherein the drill string is comprised of a drive train supported within a housing, wherein the drive train is comprised of a downhole end, wherein the downhole end of the drive train extends from and is located below the housing; wherein the drive train comprises a first outer axial conductor having an inner circumferential surface defining a first outer conductor longitudinal axis; a first inner axial conductor having an outer circumferential surface defining a first inner conductor longitudinal axis, wherein the first inner axial conductor is fixedly connected within the first outer axial conductor such that an annular space is defined between the outer circumferential surface and the inner circumferential surface, wherein the first outer conductor longitudinal axis and the first inner conductor longitudinal axis are substantially coincidental and wherein at least a portion of the axial conducting loop is comprised of the first outer axial conductor and the first inner axial conductor; and an electrical insulator disposed within the annular space; characterized in that at least one of the first axial position and the second axial position is located in the downhole end of the drive train, wherein the downhole end of the drive train is comprised of a drill bit assembly, wherein at least a portion of the axial conducting loop is comprised of the drill bit assembly, and wherein one of the first axial position and the second axial position is located in the drill bit assembly; wherein the drill bit assembly is comprised of the drill bit, wherein the drill bit includes an outer drill collar surrounding and enclosing components of the drill bit including an electronics insert, a drive shaft seal assembly and an electrical connection assembly; wherein the electronics insert has a distal end, a proximal end, and defines a bore therethrough providing a portion of a fluid pathway; wherein the transmitter coil is contained within the drill collar in an annular transmitter space which is defined between an inner circumferential surface of the drill collar and the electronics insert adjacent its distal end; wherein insulating material within the annular transmitter space serves to isolate the transmitter coil electrically from the surrounding parts of the drill bit. (a) an axial conducting loop formed by the drill string for conducting an axial electrical signal embodying the information between a first axial position in the drill string and a second axial position in the drill string, which axial conducting loop extends between the first axial position and the second axial position; and (b) a transmitter for transmitting information to the axial conducting loop, wherein the transmitter comprises a transmitter coil comprising a plurality of windings;