The original version of the song featured Lil Wayne but was changed because of Def Jam Recordings, who wanted to have a Def Jam artist on the song. Fabolous confirmed he was shooting a video for the song on his Myspace page. The song was produced by Steve Morales. The video for Diamonds is available on YouTube.[infringing link?] Coincidentally, the voice sampled on the "Diamonds" chorus is actually Young Jeezy, and it is a line from the Fabolous song "Do the Damn Thing" from his album Real Talk.
The single was released through iTunes on April 3, 2007. On the issue date of April 21, 2007 the single debuted on the Billboard Hot 100 at number 83. This song samples Jay-Z's line, "said she loved my necklace, started relaxing, now that's what the fuck I call a chain reaction" from the 1998 Jermaine Dupri song, "Money Ain't a Thang".