The development of China as the world's manufacturing house is best exemplified in the industry of diamond superabrasives. Diamond is indispensable in the creation of industrial infrastructure, including the construction of roads and building of houses. The diamond market was previously dominated by countries outside China. However, a "great leap forward" has taken in China with rapid expansion in Chinese diamond-making capabilities from the enlargement of the equipment (cubic presses) and improvements in diamond yield and product quality in the end of last century. In the new millennium, China outpaced the rest world combined in the total diamond output, became the largest producer in the world indubitably. This paper presents the progress in recent years based on the statitics, and also an outlook of the future development of the Chinese superabrasives industry based on the Chinese macroeconomics and the recent data of the end-users as well as their future development trend.