This article is from the Diabetes FAQ, by Edward Reid edward@paleo.org with numerous contributions by others.
The short answer is "no". I'll quote the ADA's longer answer, from the May
1994 "Diabetes Forecast", p.73. The ADA's editorial board says:
Some popular books on diabetes have claimed that chromium, which is
found in many common foods such as animal meats, grains, and
brewer's yeast, is good for people with diabetes. Not so. Though
chromium supplements may benefit people who are significantly
malnourished and have an actual chromium deficiency, there is no
significant evidence that consuming extra chromium helps people
with diabetes who are even close to being well nourished.
Taken at the dosages listed on the bottle, however, chromium is not
likely to be harmful. But your money is better spent on more useful
items!
 
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