I thought the ultimate goal was to generate carbon nanotubes in spacific patterns (anyone remember bucky-balls?)... Thus surrounding a single atom width of gold wire in a carbon insulator. The smallest insulated wire possible.
Yes, the result would be the development of a material stronger and harder than diamond, cheaply. Imagine engines built from this material! Light, nearly indestructable, compression ratios out the yin-yang!
Carbon atom manipulation research is far too important to allow diamond cartels to dictate how we use it.