Science!

The creation of artificial diamond requires a lot of energy. So either it will be extremely costly in money (real diamonds) or may even require so much energy that the effect wont offset the cost of production
Yeah they said $175 trillion or about $22k for every human on earth. We could all go in on a payday loan maybe?

So cost is a bit of an issue.

I do like the idea of breathing in tiny diamonds as they fall back to earth though.

But I would like to hear more about @Eeyore 's asbestos idea.