Inspired by the successful Colt Python, the Diamondback was manufactured from 1966 to 1988 and was available in barrel lengths of 2½, 4, and 6 inches.

Colt introduced the double-action Diamondback as a deluxe model in 1966.

[3] 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 had gained popularity with gun enthusiasts due to the inexpensive price of .22 caliber ammunition and since it has been discontinued, for its rarity.

[5] In addition, the Diamondback was marketed to law enforcement agencies who did not allow the use of the .357 Magnum cartridge.