Can diamonds be destroyed by a bullet?

If you purchased a lot of industrial diamonds -- costing about US$1.60 per pound -- and used it for target practice, you would end up with a lot of industrial diamonds in smaller pieces than the lot you started out with.

If you purchased a gem-stone diamond large enough to use for target practice, you might not be able to 'destroy' it: you might be able to split it into multiple pieces, significantly reducing its value. Or not.