"Their dreams made a silver rainbow
that's now faded into grey."
--> My favorite lines :)

The diamond is a metaphor for love, I assume.

It's quite common these days that love is overrated, yet carelessly swatted away like an annoying fly...

Great write! 5/5

-X

This is short but brillaint and wonderfully written. I would only sugget you dont capitalise words after a comma, it removes the flow of the poem.