"Diamond Age" is an extension of labels for archeological time periods that take central technological materials to define an entire era of human history, such as the Stone Age, the Bronze Age or the Iron Age. Technological visionaries such as Eric Drexler and Ralph Merkle, both of whom receive an honorary mention in The Diamond Age, have argued that if nanotechnology develops the ability to manipulate individual atoms at will, it will become possible to simply assemble diamond structures from carbon atoms, materials also known as diamondoids. Merkle argues enthusiastically: "In diamond, then, a dense network of strong bonds creates a strong, light, and stiff material. Indeed, just as we named the Stone Age, the Bronze Age, and the Steel Age after the materials that humans could make, we might call the new technological epoch we are entering the Diamond Age". In the novel, a near future vision of our world, nanotechnology has developed precisely to this point, which enables the cheap production of diamond structures.

The title can also be seen as a reference to the Gilded Age, a time of economic expansion roughly coinciding with the first Victorian era. Likewise it can be seen as consistent with Queen Victoria's regime, the apex of which is often seen as her Diamond Jubilee.