Graphite inclusions in diamond, K-bearing clinopyroxene, garnet and kyanite and graphite coatings around microdiamonds from the ultrahigh-pressure Kokchetav Massif, northern Kazakhstan were investigated by means of scanning electron microscopy, laser Raman spectroscopy and X-ray diffraction. Important observations include the increasing size of the graphite crystals from the diamond–graphite interface to the external part of the graphite coatings, the high volume fraction of graphite in the graphite coatings, the presence of composite crystals of successively formed diamond core–graphite mantle zone–diamond rim–external graphite coating, the spherulitic texture of the graphite coatings, the formation of both ordered and disordered graphite and the absence of any fluid associated with the graphite inclusions in diamond and other ultrahigh-pressure metamorphic (UHPM) minerals. These features combined with the presence of oriented graphite flakes in K-bearing clinopyroxene and in diamond-bearing garnet and kyanite and the presence of intergranular diamonds without graphite coatings in the quartzo-feldspathic matrix require reconsideration of the generally accepted diamond graphitization model for interpreting the formation of graphite in UHPM rocks. Metastable growth of graphite within the diamond stability field is suggested and the following crystallization scheme for the C-polymorph is proposed: graphite was the first C-polymorph formed in the diamond stability field, followed by diamond; the graphite coatings around diamond formed during the final stage of UHPM conditions.