That and I don't think you could, for instance, summon alchemist's fire in any useful manner, because as soon as it's lit, it's taking burning damage, and disappears. Similarly, "a pile of gunpowder" is not an object - A compressed ball of gunpowder might be an object, but again, as soon as it's lit, it disappears. It might manage to make a tiny pop as the first grain of gunpowder is activated, but it wouldn't make the big satisfying bang with massive damage because most of it would disappear before it could be lit. There would be nothing wrong with creating a sword (so long as it's 3' or less long), but if anybody attempted to break it, it would simply disappear.
Conjuring a flawless, slightly magical diamond might be easy (and it should be, since a diamond is, like steel, just a cheap substance - carbon in the diamond's case and a mix of carbon and iron in the steel's - arranged in a particular crystal structure), but as it lasts no longer than an hour, and as such it's not particularly useful to sell. You might be able to conjure a cheap spell component, but the magic holding together a conjured diamond might interfere with or interact in unpredictable ways with a resurrection spell which consumed it as a component. It might fail altogether... it might work, but impose a penalty to the resurrectee, or it might bring back an evil outsider in the shape of your fallen friend... the DM can have all sorts of fun with people trying to game the system in this way.