I think that the gem in "Trap the Soul" is a material component because, once used for a trapping, the gem cannot be reused for a trapping, as it is "occupied", unlike with foci, which can be reused in another casting.
However, it's generally accepted that where the spell text overrides the default behavior, the spell text is correct. In this case, Trap the Soul specifically states that the gem is not, in fact, consumed, in the sense of "poofed" or "eaten" (as is case with Spider Climb, where the component is literally consumed).
Therefore, the gem remains, apparently useable for other purposes that a gem could be used for (such as a lich's phylactery), although not for another Trap the Soul. If any of these other uses entail destructive modification, the spell covers what happens if the gem is destroyed: the trappee is released. Presumably, therefore, a diamond used as a trap the soul component is useable as a diamond again in another spell....although if that spell consumes the diamond, the diamond is destroyed with attendant consequences.
Well, it's definitely an interesting, and perhaps expensive, way of smuggling a person.