Diamond Peak and the surrounding wilderness area have not been the subject of any major mining operations. Besides old placers (accumulations of valuable minerals formed by gravity separation during sedimentary processes) that can be found along the Crescent Creek to the east of the Diamond Peak Wilderness, no mineral resources of interest have been identified in the local area. While cinder from the Red Mountain and Crater Butte cinder cones, estimated at a volume of , might be useful for construction materials for road building, there is plenty of cinder and rock outside of the immediate vicinity of Diamond Peak. The closest mining operations took place in the Bohemia district, which lies to the west of Diamond Peak. Moreover, the volcano has little potential as a geothermal energy resource, since the surrounding area lacks hot springs. Therefore, in the 1980s, surveyors determined that there is little future potential for mineral deposits or geothermal energy resources for Diamond Peak or the wilderness area.