Graphite and diamonds are both carbon-based allotropes, and both use covalent bonds, but there are substantial differences between the two. Diamonds are hard and durable. They require quite a bit more work to break them down, as the bonds are stronger. The boiling point for a diamond is much higher than that of graphite. Diamonds are used for a large number of things, including drill bits, and jewelry.
Graphite, on the other hand, is not as strong as a diamond. Instead of a harder substance, it can be broken down easier, as it only has three covalent bonds, not four. The atoms move quite a bit more comfortable in graphite, and the boiling point to break it down is not major.
The molecular bonds of graphite are finer, which makes it a better lubricant, than that of a diamond. In addition to being used used as a lubricant, some of the primary uses for graphite are electrical, pencils, and clay.