Diamond, with its exceptionally high optical nuclear potential and low absorption cross-section, is a unique material for a series of applications in VCN (very cold neutron) physics and techniques. In particular, powder of diamond nanoparticles provides the best reflector for neutrons in the complete VCN energy range. It allowed also the first observation of quasi-specular reflection of cold neutrons (CN) from disordered medium. Effective critical velocity for such a quasi-specular reflection is higher than that for the best super-mirror. Nano-diamonds survive in high radiation fluxes; therefore they could be used, under certain conditions, in the vicinity of intense neutron sources.