It is possible that Jupiter could contain diamonds, probably a huge diamond, in it’s core for the exact reasons that you’ve mentioned.
However scientists seem to think that Jupiter has a metal core. This isn’t certain though
You can read more about it here: http://www.space.com/18388-what-is-jupiter-made-of.html
I personally don’t think the core is made of diamond but I actually don’t know and I could be wrong.
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