Well lets explore the matter slightly more in depth.
There are three types of diamond:
Monocrystalline Diamond (MDP)
Polycrystalline Diamond (PDP)
Natural Diamond (NDP)
So whats the difference?
Monocrystalline diamond is cheap to produce (relatively speaking) and its still diamond. Making it quick to cut even the most ridiculous of steels and even ceramics. However it has a blocky shape with few cutting edges. This makes it slower than other diamond types but at less than half the cost to produce its a even tradeoff for things such as diamond plates and films.
Polycrystalline diamond is quite expensive to produce , and as a result is often overlooked when discussing sharpening abrasives. However it has many times the number of cutting edges than Monocrystalline and Natural Diamonds. This results in faster cutting. I find it also leaves a "stickier" edge when compared side by side to monocrystalline preparations.
Natural Diamond is not discussed at all for sharpening , in fact I don't know of anyone who has used the stuff to sharpen with. It is quite costly even more so than Polycrystalline and does not offer any advantages over Polycrystalline , but does however have more cutting edges than Monocrystalline. I also suspect that a Natural Diamond prepration would have a poorer particle size distribution compared to the other variants. Typically Natural Diamond is used in the gem/diamond polishing markets but it is also used for general lapping and polishing applications. Larger crystal NDP is used for single point tool applications and in some cases for diamond die applications.
So if you have read thus far you may be wondering where Cubic Boron Nitride (CBN) falls into all of this. CBN has a polycrystalline structure , meaning it has more cutting surfaces (comparing equally sized particles remember) , than its Monocrystalline and even Natural Diamond counterparts. It falls in between Monocrystalline and Polycrystalline diamond for cost , and poses a close second to Polycrystalline in terms of performance. CBN is the second hardest substance (next to diamond) and is harder than diamond in high temperature applications. Allowing it to cut even vanadium rich steels with ease.
So why don't we see sharpening stones with CBN mixed in? Because you can just add a drop of a CBN stropping compound onto your waterstone to enhance its performance and allow it to cut even the most exotic steels with ease.
For more information about PDP , MDP , CBN and particle size distribution , check out this this blog.
http://www.precisesharpening.blogspot.ca/2010/12/part-1-comparison-of-three-quarter.html