A rice cultivar designated Diamond is disclosed. The invention relates to the seeds of rice cultivar Diamond, to the plants of rice cultivar Diamond, to plant parts of rice cultivar Diamond, and to methods for producing a rice plant produced by crossing rice cultivar Diamond with itself or with another rice variety. The invention also relates to methods for producing a rice plant containing in its genetic material one or more transgenes and to the transgenic rice plants and plant parts produced by those methods. This invention also relates to rice cultivars, or breeding cultivars, and plant parts derived from rice cultivar Diamond, to methods for producing other rice cultivars, lines or plant parts derived from rice cultivar Diamond, and to the rice plants, varieties, and their parts derived from use of those methods. The invention further relates to hybrid rice seeds, plants, and plant parts produced by crossing rice cultivar Diamond with another rice cultivar.