UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

              [X] Quarterly Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934
                  For the quarterly period ended July 31, 2005

                                       or
            [ ] Transition Report Pursuant to Section 13 or 15 (d) of
                       the Securities Exchange Act of 1934

                            Commission File No. None

                                DIAMOND ONE, INC.
             (Exact name of registrant as specified in its charter)

                               Colorado 47-0892061
        (State of incorporation) (I.R.S. Employer Identification Number)


                         9648 East Arapahoe Rd., Suite A
                        Greenwood Village, Colorado 80112
                (Address of Principal Executive Office) Zip Code


                                 (303)-858-1177
                       ------------------ ---------------
              (Registrant's telephone number, including area code)




   Indicate by check mark whether the registrant: (1) has filed all reports
   required to be filed by Section 13 or 15 (d) of the Securities Exchange Act
   of 1934 during the proceeding 12 months (or for such shorter period that the
   registrant was required to file such reports), and (2) has been subject to
   such filing requirements for the past 90 days.

                                 YES [X]        NO [ ]


As of August 31, 2005, the Company had 4,251,800 issued and outstanding shares
of common stock.




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                                Diamond One, Inc.

                              FINANCIAL STATEMENTS

                                  July 31, 2005




<PAGE>



                                DIAMOND ONE, INC.
1





                                    CONTENTS



                                                                        Page


BALANCE SHEET                                                            1

STATEMENT OF OPERATIONS                                                  2

STATEMENT OF CASH FLOWS                                                  3

NOTES TO FINANCIAL STATEMENTS                                            4











<PAGE>


                                  BALANCE SHEET
                                  July 31, 2005


  ASSETS

CURRENT ASSETS
  Cash and cash equivalents                                $      31,193
  Inventory                                                       66,946
                                                          ---------------

    Total current assets                                          98,139
                                                         ----------------

EQUIPMENT - AT COST
  Office equipment                                                 5,761
  Furniture and fixtures                                          15,390
  Leasehold improvements                                           3,353
                                                         ----------------
                                                                  24,504
  Less accumulated depreciation                                    3,811
                                                         ----------------
                                                                  20,693
OTHER ASSETS
  Deposits                                                         1,000
                                                         ----------------

    TOTAL ASSETS                                            $    119,832
                                                            =============

  LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
  Short-term note payable to officer                        $    110,000
  Deferred revenue                                                   912
  Accrued expenses                                                11,335
                                                          ---------------

    Total current liabilities                                    122,247
                                                          ---------------

STOCKHOLDERS' EQUITY (DEFICIT)
  Preferred stock, $0.01 par value; 10,000,000 shares
    authorized; no shares issued and outstanding                      --
  Common stock, $0.001 par value; 60,000,000 shares
    authorized; 4,251,800 shares issued and outstanding            4,252
  Additional paid-in capital                                     177,049
  Accumulated deficit                                           (183,716)
                                                          ---------------
                                                                  (2,415)
    TOTAL LIABILITIES AND STOCKHOLDERS'
    EQUITY (DEFICIT)                                        $    119,832
                                                            =============



          The accompanying notes are an integral part of the financial
statements.



                                       1
<PAGE>


                             STATEMENT OF OPERATIONS



                                      For the three months   For the six months
                                          ended July 31,       ended July 31,
                                      2005          2004     2005         2004
                                      ----          ----     ----         ----


Revenues                            $148,867     $135,264  $261,784   $ 253,811

Cost of sales                        148,638      123,758   225,524     231,091
                                   ---------    --------- ---------   ----------
  Gross profit                           229       11,506    36,260      22,720

General and administrative expenses   29,469       18,358    62,902      41,255
                                   ----------  ---------- ---------   ----------

    NET INCOME (LOSS)                (29,240)      (6,852)  (26,642)    (18,535)
                                  =========== =========== ==========  ==========

NET INCOME (LOSS) PER SHARE
       Basic                    $      (0.01) $     (0.01) $  (0.01)  $   (0.01)
                                ============= ============ ========== ==========


WEIGHTED AVERAGE NUMBER
  OF SHARES OF COMMON STOCK
  AND COMMON STOCK EQUIVALENTS
 OUTSTANDING                       4,251,800    4,000,000 4,251,800   4,000,000
                                   =========   ========== =========  ===========







     The accompanying notes are an integral part of the financial statements.


                                       2
<PAGE>


                             STATEMENT OF CASH FLOWS



                                                          For the six months
                                                            ended July 31,
                                                          2005          2004
                                                          ----          ----
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income (loss)                                  $   (26,642)  $    (18,535)
  Adjustments to reconcile net income (loss)
  to net cash flows from operating activities:
    Depreciation                                           1,264            863
    Increase in inventory                                (13,465)       (41,716)
    (Increase) decrease in accounts receivable &
    deferred revenue                                       3,286         (5,501)
    Increase in accrued expenses                           6,730            368
    Increase in accounts payable                              --          1,838
                                              ------------------ --------------

      Net cash flows from operating activities           (28,827)       (62,683)

CASH FLOWS FROM INVESTING ACTIVITIES
  Purchase of property and equipment                          --         (1,648)
                                              ------------------  -------------

      Net cash flows from investing activities                --         (1,648)

CASH FLOWS FROM FINANCING ACTIVITIES
  Proceeds from note payable                              15,000         70,000
  Deferred offering costs                                     --        (23,782)
                                              ------------------   ------------

      Net cash flows from financing activities            15,000         46,218
                                                  --------------   ------------

NET DECREASE IN
   CASH AND CASH EQUIVALENTS                             (13,827)       (18,113)

CASH AND CASH EQUIVALENTS,
  BEGINNING OF PERIOD                                     45,020         46,698
                                                   -------------   ------------

CASH AND CASH EQUIVALENTS,
  END OF PERIOD                                    $      31,193   $     28,585
                                                   =============   ============




     The accompanying notes are an integral part of the financial statements.



                                       3
<PAGE>

                                DIAMOND ONE, INC.
                          NOTES TO FINANCIAL SATEMENTS
                                  July 31, 2005




1. Management's Representation of Interim Financial Information

     The  accompanying  financial  statements have been prepared by Diamond One,
     Inc.  without audit in accordance with the  requirements  for Form 10-Q and
     Article 10 of Regulation  S-X, and Regulation SB. Certain  information  and
     footnote  disclosures normally included in financial statements prepared in
     accordance  with  generally  accepted   accounting   principles  have  been
     condensed  or  omitted  as  allowed  by such  rules  and  regulations,  and
     management   believes  that  the  disclosures  are  adequate  to  make  the
     information  presented not misleading.  These financial  statements include
     all of the adjustments  which, in the opinion of management,  are necessary
     to a fair presentation of financial position and results of operations. All
     such  adjustments  are of a normal and recurring  nature.  These  financial
     statements  should  be read  in  conjunction  with  the  audited  financial
     statements at January 31, 2005.  Operating results for the six months ended
     July 31, 2005 are not necessarily  indicative of the results for the entire
     year.

2. Trade Names

     Diamond  One,  Inc.  operates  under  its trade  name The Gold and  Diamond
     Exchange.  The Company  also does  business as Colorado  Coin and Coins and
     Collectibles Store.










                                       4
<PAGE>


5

                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                              AND PLAN OF OPERATION

     During the six months ended July 31, 2005:

     o    Our revenues  decreased  slightly  from the  comparable  period in the
          prior year. However,  our gross profit margin was significantly higher
          due to the fact that  most of our  inventory  last year was  purchased
          from other coin dealers and the margins were  substantially  less when
          compared to buying our inventory from the public.

     o    Our general and administrative  expenses increased since we have added
          a part time security person and increased advertising expenses.

     o    Our operations used $(28,827) in cash.  Operating capital was provided
          by cash on hand at February 1, 2005 and a $15,000 loan from one of our
          officers.

      By means of a registration statement on Form SB-2 we sold 251,800 shares
of our common stock at a price of $0.15 per share in December 2004.

      Our plan of operation and capital requirements for the twelve months ended
July 31, 2006 follows:

             Planned Activity                                     Cost
             ----------------                                    ------

     o  purchase rare coins, jewelry,  watches and other
        inventory for sale to the public                        $10,000
     o  advertise our store in local newspapers and magazines    20,000
     o  attempt to open a second store in the Denver area        30,000
     o  hire part-time employees                                 24,000
                                                               --------
                                                                $84,000
Controls and Procedures

      Robert Chramosta, our President and Troy Fullmer, our Chief Financial
Officer, have evaluated the effectiveness of our disclosure controls and
procedures as of a date prior to the filing date of this report (the "Evaluation
Date"); and in their opinion our disclosure controls and procedures ensure that
material information relating to Diamond One, including its consolidated
subsidiaries, is made known to them by others within those entities,
particularly during the period in which this report is being prepared, so as to
allow timely decisions regarding required disclosure. To the knowledge of Mr.
Chramosta and Mr. Fullmer there have been no significant changes in our internal
controls or in other factors that could significantly affect our internal
controls subsequent to the Evaluation Date. As a result, no corrective actions
with regard to significant deficiencies or material weakness in our internal
controls were required.


                                       5
<PAGE>


6

                                     PART II


Exhibits and Reports on Form 8-K.

      The following exhibits are filed with this report:

      Number                    Description
      ------                    -----------

        31                      Rule 13a-14(a)/15d-14(a) certifications
        32                      Section 1350 certifications


      We did not file any reports on Form 8-K during the six months ended July
31, 2005.






                                       6
<PAGE>


                                   SIGNATURES

      Pursuant to the requirements of Section 12 of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized on September 14, 2005.


                                DIAMOND ONE, INC.



                                  By  /s/ Robert S. Chramosta
                                      ----------------------------------------
                                      Robert S. Chramosta, President and Chief
                                      Executive Officer



                                  By  /s/ Troy Fullmer
                                      ----------------------------------------
                                      Troy Fullmer, Principal Financial and
                                      Accounting Officer










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