Contrary to its name, the area does not contain any diamond deposits. There are a number of theories as to why the misnomer came about, but the most accepted version states that the English name for this area was a simple mistranslation, for in Cantonese, the word "" can mean either "diamonds" or "to drill for rocks". In this case, the area was known as a stone quarry for many years before urban development took place. Due to that, the English name only became a euphemism. There are other theories as to why the area became known as "Diamond Hill", such as the crystals contained within the rocks mined from the area have a diamond-like luminance, or that the hill resembles the shape of a diamond.