Diamond hones will slough off some grit with use. BUT, they can last almost indefinitely with some care. Using them with some sort of lubrication like water, or water + dish detergent, or mineral oil helps. Using light pressure, and 'letting the grit do the work' is most important of all. They'll shed a lot of abrasive if used dry and with too much pressure; it rips the diamond out of the nickel substrate. If one feels the need to lean into the hone a bit with more pressure, in order to make it work faster, chances are a coarser grit is needed.
Depending on the steels you're sharpening, you may not need diamond anyway. If so, silicon carbide and/or aluminum oxide stones (think of Norton's Crystolon and India stones) are probably the next-best alternative to a diamond hone. Some very wear-resistant steels like S30V/90V/110V and others with large amounts of vanadium carbides will usually need diamond for re-bevelling and other heavy grinding jobs done by hand, without powered tools like belt grinders or wheels.
David