Diamonds and Pearls contains a hybrid of music styles, from the funk of "Daddy Pop", "Jughead", and first single "Gett Off", to some of the more mainstream pop/rock songs Prince had recorded in some time, such as "Cream", "Money Don't Matter 2 Night" and the title song. "Willing and Able" was used in a video montage during the closing credits of CBS' coverage of Super Bowl XXVI.
Diamonds and Pearls was released in the United States on October 1, 1991, and two days later internationally. It peaked at number three on the Billboard 200, number two on the UK Albums Chart, and number one on the Billboard Top R&B Albums and the ARIA Albums Chart in Australia. It also peaked top 10 across several charts in Europe and New Zealand. The album gathered two top 5 singles, the title track, which peaked at number 3 on the Billboard Hot 100 and the final number-one single on the Hot 100 of his career with "Cream". Along with that, "Gett Off" and "Money Don't Matter 2 Night" both hit the top 40 on the Hot 100, peaking at 21 and 23, respectively.
On August 24, 2023, it was announced that Diamonds and Pearls would be reissued in remastered, deluxe and super deluxe versions that were released on October 27, 2023. The super deluxe version contains a 2023 remaster of the album, 15 remastered versions of all the singles mixes and edits, 33 previously unreleased studio recordings from the vault, an unreleased live concert album of the official dress rehearsal of the Diamonds and Pearls Tour recorded at Glam Slam on January 11, 1992, a Blu-ray release of the dress rehearsal at Glam Slam on January 11, 1992, as well as footage from Special Olympics Concert recorded on July 20, 1991, and the soundcheck that took place the day before, and a completely restored version of the Diamonds and Pearls Video Collection. A limited edition 7" vinyl of all the singles from Diamonds and Pearls including the new single "Alice Through The Looking Glass" were released as well.
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