The tool may have been costly but what was the cost of the bearing otherwise, in proportion, and its replacement earlier than planned should the diamond not have done its excellent work?
A somewhat similar form of burnishing was being used early in the last Century – I don’t know when it was invented – in the manufacture of copper tubes by electro-plating onto a former, followed by using an agate burnisher along the outside. I am not sure what that did, though it would have had a work-hardening effect.