As quasi-thermodynamic equilibrium plasma, DC Arc Plasma has the advantage of very high gas temperature and thus the very high degree of activation of the precursors for diamond film deposition. The present paper reviews the progresses in the R&D of the novel high power dc arc plasma jet CVD system with rotating arc and operated at gas recycling mode for large area high quality diamond film deposition, developed at the University of Science and Technology Beijing (USTB) in the mid 1990s of the 20th century. Thanks to the continuous efforts made in the technological improvement in the past 15 years, considerable progresses have been achieved in the commercialization of this high power dc arcjet CVD system, which is now capable of mass production of large area high quality freestanding diamond films for optical, thermal, and mechanical (tool) applications. The present status in the commercialization and the property level of the resultant diamond films in optical, thermal, mechanical, dielectric, oxidation resistance, sand erosion resistance, and laser damage threshold etc. are presented. Based on the same high power dc arcjet technology, a novel high current extended dc arc plasma (HCEDCA) CVD system has been developed which successfully changed the diamond film deposition mode from 2D planar deposition in to 3D deposition (as confined by two hollow (virtue) columns). It is demonstrated to be advantageous for mass production of diamond thin film coated WC-Co cutting tools. Recent results in the R&D of thin diamond film coated WC-Co drills and end mills, and the results in field tests are discussed.