K2 4.55 volts, 675-680 Ma. which surprisingly is only 3.09watts. (so much for the 6.5 watt claims) Current rises slowly as temp goes up.
That tells me that the diamond is simply using a resistor to limit current. The Vf of an LED has an inverse temperature coefficient, meaning as the temperature of the LED rises, the Vf drops (temporarily). A lower Vf = higher current. The diamond drop-in is a prime candidate to destroy an LED via thermal runaway. Things are bad enough since they are driving at only 700mA - the K2 wouldn't last very long if they decided to run it at 1.5A.
While the mag drop-in doesn't have very good thermal paths, it at least throttles back the current to prevent damage to the LED. Unfortunately, the diamond drop-ins simply run the LED balls-to-the-wall without any real consideration for thermal management. Sure, they have a big chunk of aluminium which is nice for using the light 30 seconds at a time, but once you have the light on for a few minutes, it's just as if there were no heat sink at all.