with Philosopher's Stone, 64 cobble into 8 redstone, then into 2 iron, macerated into 4 ingots. With Philosopher's Stone 4 ingots into 4 glowstone, into 16 glowstone dust, then into 96 (64 + 32) redstone dust, redstone dust into 64 coal. Macerate coal into 64 coal dust, then craft into 8 coal balls, then with compressor for compressed coal balls. Craft coal balls with obsidian into coal chunk, then compress it into industrial diamond. Industrial diamond + 2 sticks into diamond shovel, then Philosopher's Stone and diamond shovel into 1 diamond.
Edit:This is older version, but there are cycles with ores into dust into ingots back into ores. (Unless im mistaken and its been removed)
Then if you get Matter Generator and Collector its almost as easy as anything to do.
Mind you maybe I'm wrong and this has been balanced well, which is good.
Edit 2: I think its more the fact of regardless you turn limited resources into theoretically unlimited, given you have enough time to create a generator and use lots of stacks.