A cutting tool made of a diamond-based, ultra-high-pressure-sintered material having excellent chipping resistance, said material consisting essentially of at least one of barium oxide and magnesium oxide, calcium oxide, and diamond which forms a matrix, the total content of barium oxide and magnesium oxide being from 0.05 to 13 wt %, the content of calcium oxide being 0.02 to 5 wt %, said material having a theoretical density percentage of 96 to 99.5% and a structure in which pores and said content of at least one of barium oxide and magnesium oxide, and said calcium oxide, are distributed throughout the diamond matrix.