A tool for grinding and polishing diamond and a method for polishing diamond in which a single crystal diamond, a diamond thin film, a sintered diamond compact and the like can be polished at low temperatures without causing cracks, fractures or degradation in quality therein. The tool and method provide a polishing operation which is easy to accomplish, provides stable polishing quality, and provides decreased costs while maintaining stable grinder performance. The grinder is formed of a main component which is an intermetallic compound consisting of one kind or more of elements selected from the group of Al, Cr, Mn, Fe, Co, Ni, Cu, Ru, Rh, Pd, Os, Ir and Pt and one kind or more of elements selected from the group of Ti, V, Zr, Nb, Mo, Hf, Ta and W. The diamond polishing method includes pushing the above stated grinder against the diamond, and rotating or moving the grinder relative to the diamond while keeping the portion of the diamond subjected to polishing at room temperature. Alternatively, the portion of the diamond subjected to polishing can be heated to a temperature within the range 100-800° C.