Diamond Open Access (OA) is rapidly gaining momentum in the academic publishing world. Several significant initiatives and developments are driving this trend, including the cOAlition S call for proposals on this topic in 2020 (cOAlition S 2020), the Open Access Diamond Journal Study in 2021 (Bosman et al. 2021), and the Diamond Open Access Plan in 2022 (Science Europe 2022). Notably, EU-funded projects like DIAMAS and CRAFT-OA, the Toluca Global Summit on Diamond OA (Redalyc 2023), the consultation about a Global Alliance for Diamond OA under the auspices of UNESCO, and the establishment of the European Diamond Capacity Hub (EDCH) are key contributors to this movement. There is currently no universally accepted definition of Diamond OA within the scientific community (Ancion et al. 2023). This absence of a clear and uniform definition is, understandably, unsatisfactory for the academic community, which often seeks precision in its conceptual frameworks. However, this very ambiguity opens a discursive space where the academic community can engage in critical reflection on its values, objectives, and expectations regarding scholarly communication. While the categorisation of OA by ‘colours’ has been justly critiqued (Tay 2021) for its imprecision and its overly broad generalisations, it should also be recognised for the important debates it creates a space for. Our contribution to this ongoing discussion seeks to explore the various dimensions of Diamond OA from multiple perspectives. This chapter, co-authored by three authors, is the outcome of a collaborative dialogue. At times, its form will reflect the dialogical nature of this exploration. By attempting to move beyond the simplistic and technical definition of ‘no-fee’ OA, we aim to uncover the complex dynamics that underpin knowledge production, as well as the roles that publishers, scholars, institutions, and academic communities play within these processes. Diamond OA is undoubtedly much more than merely ‘no-fee’ open access. But what, precisely, does it encompass?