This single marked a huge comeback for Herb Alpert. Four tracks on its parent album Keep Your Eye on Me were produced by Jimmy Jam and Terry Lewis, who melded Alpert's sound with their own Minneapolis funk. In the music video Herb Alpert appears in "Bucky's" night club where the DJ eventually plays his new single. The song is a hit with the crowd and Herb and his band end up performing onstage. Meanwhile, Janet heads back to the club in a limo. Janet herself does not appear in the video---a look-alike is used for the limo scenes and the shadow of Janet in the club. A child breaks through the look-alike's shadow and performs as Janet.
"Diamonds" was a big hit in America, peaking at five on the Billboard Hot 100, and number one on the Hot R&B/Hip-Hop Singles & Tracks. The single also went to number one on the U.S. Hot Dance Music/Club Play and the U.S. Hot Dance Music/Maxi-Singles Sales. Outside the U.S.. "Diamonds" was a hit in most countries like Canada and Holland but a modest hit in the UK and Australia. Its successor "Making Love in the Rain" would become a modest hit.