The most common and most likely answer to this crossword clue is the 7 letter word RHOMBIC
I've seen this crossword clue in The Guardian
R
H
O
M
B
I
C
More clues leading to the result RHOMBIC
- Knocking out West Bromwich, playing in diamond formation
- Greek character, doctor in charge of lozenge
- Like diamonds making corrupt mob rich
- Shaped like a diamond rich mob reformed
- TV chef twice in church to see shape of tiles?
- Diamond-shaped crib, broken in short parts
- Extremely rich writer receives award that’s diamond-shaped
Buddy explains!

The straight part
We know that "Like diamonds" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case like diamonds = rhombic.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.