Colt introduced the double-action Diamondback as a deluxe model. It has a wide serrated target hammer, ventilated rib, fully adjustable target quality sights, and full-length barrel underlug. It is a 6-shot revolver with a swing-out cylinder and was available in blue or nickel finishes. Visually, the Diamondback resembles a scaled-down version of the Python.
Because of the light recoil of .22 caliber ammunition, the .22 version of the Diamondback can be used as a training gun for novice shooters. It has also gained popularity with gun enthusiasts due to the inexpensive price of .22 caliber ammunition.