In IC2, you can craft Diamonds! This is a multi-step process, all helpfully outlined on this page for you. To create a single diamond, you will need:
First Step: Coal Ball
Then, make eight Coal Balls using your coal dust and flint.
Second Step: Compress
Third Step: Coal Chunk
Lay all your compressed coal balls out on a crafting table with obsidian in the center. This gives you a Coal Chunk.
See: Crafting Guide
Fourth Step: Diamond
Finally, compress your coal chunk. You have made one diamond!
Look at how many diamonds you need for a MFE. Weep.