Gold is a currency that can be earned through regular gameplay or purchased via in-app purchases.
Diamonds, on the other hand, are a premium currency that can only be obtained through in-app purchases.
Depending on the cosmetic or customization item you're trying to unlock, you will need either Gold or Diamonds. These two currencies cannot be exchanged or converted into each other.
Additionally, Gold may be used as a wager in certain game rooms.
While Diamonds cannot be used as a wager, they may be required to create certain custom game rooms.