Synthetic diamond technology appears t o have the capability of significantly changing the future technological landscape. Accordingly, The Institute for the Management of Technology regards it as a 'marker' technology. This paper suggests that there is a need t o review expectations concerning synthetic diamond developments. Technology analysis is used as a method t o understand and communicate the expectations. The history trends and applications are presented. T w o challenges are revealed: First, High Pressure and High Temperature is being challenged by Chemical Vapour Deposition as the dominant manufacturing technology, suggesting that the latter should be monitored for breakthroughs. Second, the distinction between synthetic and natural gems is becoming harder t o determine. This threat t o the gem industry, in combination with the expanding industrial use, suggests that efforts should be pursued t o establish the uniqueness of natural gems and t o prevent the name 'diamond' from being ubiquitously used.