DO NOT BUY A DIAMOND TIP! Just because it's diamond doesn't mean it's better, I've heard more than my fair share of horror stories from guys who've accidentally cracked or chipped diamond tools, and then they're junk, and it's not very hard to do. The thing is, where a carbide tool will produce a poorer and poorer surface finish as it wears out, diamond tools leave a clean finish even when they're bad, so while it might make a comm look pretty, that's no guarantee the cut was true, concentric, or consistent.
Comm cutting masters might feel safe dropping $80 on a diamond tool, for the rest of the planet, using a $4-6 carbide tool, getting it resharpened a few times at a local machine shop, and tossing it when there's nothing left is the way to go. I bought 4 replacement carbide tools from McMaster-Carr some 4 years ago, and as of today I've only worn out one or two. I can still take them both in to be sharpened.
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