Carbon is capable of forming many allotropes due to its valency. Well-known forms of carbon include diamond and graphite. In recent decades many more allotropes and forms of carbon have been discovered and researched including ball shapes such as buckminsterfullerene and sheets such as graphene. Larger scale structures of carbon include nanotubes, nanobuds and nanoribbons. Other unusual forms of carbon exist at very high temperatures or extreme pressures. Around 350 hypotetical 3-periodic allotropes of carbon are known at the present time according to SACADA database.
Diamond is a well known allotrope of carbon. The hardness and high dispersion of light of diamond make it useful for both industrial applications and jewelry. Diamond is the hardest known natural mineral. This makes it an excellent abrasive and makes it hold polish and luster extremely well. No known naturally occurring substance can cut (or even scratch) a diamond, except another diamond.
The market for industrial-grade diamonds operates much differently from its gem-grade counterpart. Industrial diamonds are valued mostly for their hardness and heat conductivity, making many of the gemological characteristics of diamond, including clarity and color, mostly irrelevant. This helps explain why 80% of mined diamonds (equal to about 100 million carats or 20 tonnes annually) are unsuitable for use as gemstones and known as bort, are destined for industrial use. In addition to mined diamonds, synthetic diamonds found industrial applications almost immediately after their invention in the 1950s; another 400 million carats (80 tonnes) of synthetic diamonds are produced annually for industrial use which is nearly four times the mass of natural diamonds mined over the same period.
The dominant industrial use of diamond is in cutting, drilling (drill bits), grinding (diamond edged cutters), and polishing. Most uses of diamonds in these technologies do not require large diamonds; in fact, most diamonds that are gem-quality can find an industrial use. Diamonds are embedded in drill tips or saw blades, or ground into a powder for use in grinding and polishing applications (due to its extraordinary hardness). Specialized applications include use in laboratories as containment for high pressure experiments (see diamond anvil), high-performance bearings, and limited use in specialized windows.