1) The name DIAMONDETTES is strikingly similar to the name of the girl group that provided background vocals for several Deep City releases. The Diamonettes (at least a variation of them) also recorded on their own for the Dig and Alston labels.
2) The co-writer (Pearsall) is very likely Johnny Pearsall, who along with Willie Clarke would go on to start several labels, including Deep City and Lloyd.
3) They chose ORANGE & GREEN as the label name for a reason. Pearsall attended FLORIDA A&M UNIVERSITY (the "Orange and Green") and used members of their acclaimed band on his early records. You can just about bet the "Modern Jazz Masters" were A&M students.
One side is pretty good doo wop, while the other is in an early R&B style (and I don't mean phony R&B such as Kanye West.)
More information would be greatly appreciated, so if anyone knows anything more, please let us know.