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Abstract Superdeep diamonds contain unique information from the sublithospheric regions of Earth's interior. Recent studies suggest that reaction between subducted carbonate and iron metal in the mantle plays an important role in the production of superdeep diamonds. It is unknown if this reaction is kinetically feasible in cold slabs subducted into the deep mantle. Here we present experimental data on real‐time tracking of the magnesite‐iron reaction at high pressures and high temperatures to demonstrate the production of diamond at the surface conditions of cold slabs in the transition zone and lower mantle. Our data reveal that the diamond production rate has a positive temperature dependence and a negative pressure dependence, and along a slab geotherm it decreases by a factor of three at pressures from 14.4 to 18.4 GPa. This rate reduction provides an explanation for the rarity of superdeep diamonds from the interior of the mantle transition zone.