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Diamonds can already be manufactured cheaply, and flawlessly. Mass production is increasing, and so is the size that can be produced. The obvious implication is what this will mean for De Beers (hopefully those leeches will go down in flames). Less obvious is what this will mean for computer chip manufacturers - diamonds can be used in place of silicon and can withstand higher temperatures than silicon. The chips of the future will be diamond based.
There is an interesting artile about this on Wired.
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