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 April 30, 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 May 31, 2005, the Company had 4,251,800 issued and outstanding shares of
common stock.




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                                Diamond One, Inc.

                              FINANCIAL STATEMENTS

                                 April 30, 2005




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                                    CONTENTS



                                                                        Page


BALANCE SHEET                                                            1

STATEMENTS OF OPERATIONS                                                 2

STATEMENTS OF CASH FLOWS                                                 3

NOTES TO FINANCIAL STATEMENTS                                            4



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                                Diamond One, Inc.
                                  BALANCE SHEET
                                 April 30, 2005

  ASSETS

CURRENT ASSETS
  Cash and cash equivalents                            $   32,385
  Accounts receivable                                       8,518
  Prepaid expenses                                            250
  Inventory                                                66,135
                                                     ------------

    Total current assets                                  107,288
                                                     ------------

EQUIPMENT - AT COST
  Office equipment                                          5,761
  Furniture and fixtures                                   15,390
  Leasehold improvements                                   3,353
                                                     ------------
                                                           24,504
  Less accumulated depreciation                             3,179
                                                     ------------
                                                           21,325
OTHER ASSETS
  Deposits                                                  1,000
                                                     ------------

    TOTAL ASSETS                                     $    129,613
                                                     ============

  LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Short-term note payable to officer                 $     95,000
  Accounts payable                                          3,034
  Accrued expenses                                          4,754
                                                     ------------

    Total current liabilities                             102,788
                                                     ------------

STOCKHOLDERS' EQUITY
  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                                    (154,476)
                                                     ------------

                                                           26,825

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY          $ 129,613
                                                     ============


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


                                       1

<PAGE>


                                Diamond One, Inc.
                            STATEMENTS OF OPERATIONS

                                               For the three months ended
                                            April 30, 2005     April 30, 2004

Revenues                                     $  112,917         $  118,547

Cost of sales                                    76,886           107,333
                                            -----------        -----------

  Gross profit                                   36,031             11,214

General and administrative expenses              33,433            22,897
                                            -----------       ------------

    NET INCOME (LOSS)                             2,598           (11,683)
                                           ============        ===========

NET INCOME (LOSS) PER SHARE
  Basic                                             NIL                NIL
                                           ============       ============

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


     The accompanying notes are an integral part of the financial statements



                                       2

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                                Diamond One, Inc.
                            STATEMENTS OF CASH FLOWS


                                                  For the three months ended
                                               April 30, 2005     April 30, 2004
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)                                $   2,598         $  (11,683)
Adjustments to reconcile net loss to net
cash flows from operating activities:
   Depreciation                                        632                427
   Increase in prepaid assets                         (250)                 -
   Increase in inventory                           (12,654)           (60,355)
   Increase in accounts receivable                  (6,144)            (1,997)
   Increase in accrued expenses                        149                491
   Increase in accounts payable                      3,034                  -
                                                 ---------         ----------

    Net cash flows from operating activities       (12,635)           (73,117)


CASH FLOWS FROM FINANCING ACTIVITIES
  Proceeds from note payable                             -             65,000
  Deferred offering costs                                -            (16,075)
                                                 ---------         ----------


    Net cash flows from financing activities             -             48,925
                                                 ---------         ----------

NET DECREASE IN

   CASH AND CASH EQUIVALENTS                       (12,635)           (24,192)

CASH AND CASH EQUIVALENTS,

  BEGINNING OF PERIOD                               45,020             46,698
                                                 ---------         ----------

CASH AND CASH EQUIVALENTS,
  END OF PERIOD                                  $  32,385         $   22,506
                                                 =========         ==========


     The accompanying notes are an integral part of the financial statements


                                       3

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                                Diamond One, Inc.
                          NOTES TO FINANCIAL STATEMENTS
                                 April 30, 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 three months ended April 30, 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>


                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                              AND PLAN OF OPERATION

      During the three months ended April 30, 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 $(12,635) in cash.  Operating capital was provided
          by cash on hand at February 1, 2005.

     o    due to the increase in our gross margin we earned a profit.

      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.

      Our plan of operation and capital requirements for the twelve months ended
April 30, 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

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2


                                     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 three months ended
April 30, 2005.



                                       6





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                                   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 June 13, 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