Diamonds And Pearls was the fourth single to be released from Prince’s 13th album Diamonds And Pearls, the first album to be credited to Prince and the New Power Generation. It was the fourth single to be credited to Prince and the New Power Generation.
Unusually, the b-side was a sampler of the album tracks not yet released as singles, called "X-cerpts From The Songs: Thunder, Daddy Pop, Strollin’, Jughead, Money Don’t Matter 2 Night, Push, Live 4 Love". The UK version of the single contained tracks from the Cream maxi-single, which had not been released there.
The version of Cream (N.P.G. Mix) included on some versions of the single included all three of the telephone call segues included on various tracks on the Cream maxi-single, while the musical content was identical to the version included on that single, which included only one of the segues.
The single reached number 3 on the US Billboard Hot 100 Chart, but reached number 1 on the Billboard Hot R&B Singles Chart.