All that blings is not gold, it seems. The hotly anticipated Refined Smithery tech, not seen since Tale 2 and recently opened in Eastern Grounds, is now available after a quick bug fix. Refined Smithery allows the making of swanky sounding Diamond Tipped tools, but early feedback is that there is little advantage to these tools.
According to Sunstrider, posting in Egypt Today,
About the diamond tipped hatchet: it seems to reduce the basic wood timer to 37 seconds but other than that there is no difference to the usual hatchet (same quality influence i guess)… So if you got a nice woodrun spot in which you can circle around with no interruption with the normal hatchet, the diamond tipped won’t help at all.
In short, Diamond Tipped Hatchets cut more cleanly, allowing trees to recover faster, an attribute that is of variable utility depending on how you gather wood. With Diamond Tipped Hatchets costing 3 Bronze and 250 Powdered Diamonds in Tale 7, current wisdom is to save your diamonds for other, more fruitful uses.