The article examines the current state of the diamond tool industry for processing decorative stones and provides a detailed analysis of its development prospects. An extensive review of numerous literature sources has established that the primary issues requiring immediate attention are the high cost of these tools and their limited service life. This high cost is primarily attributed to the expensive cobalt alloy powders used in their production. This problem is particularly acute for Ukrainian manufacturers, who have faced severe shortages and sharp increases in the cost of cobalt-based raw materials following Russia's full-scale invasion. Consequently, the article's primary focus is on establishing the scientific foundations necessary for developing alternative metal matrix compositions that can offer high performance while simultaneously reducing the overall cost of the final products. The study delves into the impact of various factors, including the chemical and phase composition of the metal matrix, the size and concentration of diamond grains, microstructure and surface topography, operating conditions, as well as the spectrographic and mineralogical properties of the processed material on the wear characteristics and durability of diamond tools. In addition, the article analyses modern manufacturing technologies for such tools, methodological approaches to studying their properties, and potential strategies for improving their operational characteristics. Based on the comprehensive review, several promising metal bond compositions based on iron alloys have been identified, and a series of experimental studies have been planned to address the identified challenges.
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