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Is this a diamond or a colored stone?

I agree that it doesn't look like a diamond, as it looks water worn.

You could take it to a mineralogy or rockhound group in your area. There are usually a lot of knowledgeable people there who might give you a good idea of what you've got there. Then, if it might be valuable, take it to a gemologist for a firm ID.

My guess however, is that it will not be very valuable. Few clear gems are (even white sapphire isn't terrible expensive).
 
I'm pretty sure diamonds come in octohedral crystals rather than rounded nodules like that. I'm not sure what it could be, but it also doesn't look like the rough structure of quartz to me for example.
 
My daughter has a very similar piece of tumbled quartz that looks like this, almost identical.
 
It's quartz. You can tell by the optics (rough diamonds look greasy) and the orange yellow junk on it. It looks like iron oxide stains on it, and that is super common in quartz. I mined albs of the stuff recently and it had the same grime on it. Took 2 days in hydrochloric acid to get rid of.

Looking at it zoomed I can see the iron oxide in the inclusions as well. So I would guarantee quartz.
 
That is not the shape rough diamonds come in. Too smooth.
 
Definitely not diamond and it looks rough worn (smoothened) so I don’t think it’s quartz either but I could be wrong. Would be great if I could use some tools to examine it but short of that, I second the suggestion of bring it to a local gem club to get it ID-ed accurately.
 
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