After decades of development, China's diamond tool industry has grown into a big one. Several hundred product varieties are formed, including diamond saw blades, diamond grinding wheels, diamond core bits, diamond wire saws, diamond gang saws, etc. Its manufacture technologies are now also becoming more and more advanced. For diamond tools, the diamonds used in them play a very important role. China has successfully researched and developed the hinged cubic press machine, which can produce high quality diamonds at the world’s advanced level. On August 25, 2007, 20/30 big grit high hardness diamonds which are produced with the hinged cubic press machine passed technical identification. This technology broke the myth that high quality diamonds can only be produced on two sides press machines, and it greatly reduces the productions costs and increases the diamonds' quality. Its products get big advantages both in quality and price on the world market. It is a new milestone for China's super-hard materials industry. The two leading diamond manufacture companies in China are Huanghe Whirlwind and Zhongnan. In 2005, Zhongnan Company made a three-step plan. The first step: in 2005, the diamonds sale reaches 600 – 700 million carats; the second step: in 2007, the diamonds sale reaches 900 – 1000 million carats, among which the high quality diamonds sale is more than 250 million carats; the third step: in 2010, the diamonds sale reaches 1500 million carats, among which the high quality diamonds sale is more than 600 million carats. Having the support of high quality diamonds, China's diamond tool industry also very regards diamond tools manufacture technologies. For example, the pre-alloyed powder is adopted more and more in the bond materials in recent years. Practice shows that the pre-alloyed powder has many advantages, such as mobility, uniform organization, low melting point, easy sintering, and it has good adhesion and wetting properties to the diamonds. The pre-alloyed powder now has a market share of 15 – 20 percent. Diamond tools' production equipments and manufacture technics are also improved continually. Therefore the products' quality is further increased, and the production costs are further reduced. The messages from the just concluded China International Hardware Fair, which opened in September 17, 2008 in Shanghai, China, said that, though the domestic and international economic situations are changing greatly and have made big effects on the business of China's companies, many of the companies still got progress by their constantly innovations. To sum up, we have the reason to think that China's diamond tool industry will have a bright future.