A technique for slow, tight corners where you brake in a straight line, make a sharp V-shaped turn at the apex, and then accelerate in a straight line on exit. The speed trace for this type of corner forms a V rather than a U shape.
Going Faster! (Lopez) discusses the principle behind the diamond approach when analyzing tight corners: for a long, tight corner where "aggressive throttle will come on a long way past the turn-in point, you might be able to make up time at the corner entry by decelerating and turning toward the throttle application point." The diamond line takes this to its logical extreme — brake in a straight line as late as possible, make a sharp V-shaped direction change at the apex, and accelerate in a straight line out. This maximizes the time spent either braking or accelerating (both at full capacity) and minimizes the time spent at low speed in a curved arc. Hairpins and tight chicanes are the primary candidates. Note: the term "diamond line" is more commonly used in coaching conversation than in the published literature, where the underlying principle is discussed as optimizing the entry-to-exit acceleration phase.