A review of binder phases used for sintering diamond powders under high pressure and high temperature conditions along with an outline of the properties of polycrystalline diamonds or composite materials intended for cutting tools, wire drawing dies, and drilling rocks are presented. The interaction of diamond with metals from group VIII of the periodic table, carbon-forming metals, carbides, MAX phases and with silicides, borides, and alkali carbonates is presented. The interaction of the bonding phases with diamond was determined. The influences of sintering process parameters, amounts, and methods of introducing of these phases on the basic mechanical properties and thermal resistance of diamond materials are analyzed. The investigated material properties are compared with the properties of commercial PCD with a cobalt and the SiC binder phase.