The Wikipedia article is interesting but does rather overstate the technology needed to produce optical finish standards.
The high speed plain bearing Holbrook C lathes, originally developed for the atomic weapons folk to handle materials that couldn't effectively be ground, were also supplied for diamond turning duties. We had a sample originally made on one such machine in the "aren't we wonderful" section display cabinet back at RARDE which was well up to decent optical standards. Whatever ones views on the overkill nature of supplying a full on tool room lathe with all the trimmings for basic plain turning duties a steel spindle spinning in white metal bearings is hardly high tech.
These days diamond turning tools, especially for alloy wheel refurbishment and similar duties are Poly Crystalline Diamond (PCD) inserts. Same sizes and styles as the usual carbide, CBD etc but diamond in the matrix. Nice thing about modern inserts is they can take reasonable cuts and are often able to handle roughing duties as well as finishing. The alloy wheel folk need diamond tools due to the alloys being incredibly abrasive.
Clive