http://www.youtube.com/watch?v=-_XL-HpYkSg&feature=youtu.be
I have been able to set up an automated system to make me diamonds from Wood, Flint and Obsidian. Other mods are required. I happen to be using the tekkit pack.
1) The wood is smelted into charcoal
2) 4 bits of charcoal are autocrafted with the philosophers stone into Coal
3) Coal is macerated into coal dust
4) 8 coal dust and 1 flint autocrafts into a coal ball
5) The coal ball is compressed
6) 8 Compressed coal balls and 1 bit of obsidian autocrafts into a coal chunk
7) The coal chunk is compressed to produce diamond
There is about a 5000 EMC gain from using this method, and using the nuclear reactor I showed in the video provides more than enough power (Its only struggling because of overclockers)