Do you mean edible sugar diamonds, or is a non-edible element acceptable? Either way, it’s not going to be cheap! If non-edible is OK, I would recommend looking at multi-row rhinestone chain. You should be able to cut your waves out of the chain, back it with parchment paper and wrap it around the cake in one fell swoop. I have used 4-row chains as borders for brides that want that extra bling factor. I haven’t been there in a while, but take a look at www.beadandtrim.com.
Jenniffer White, Cup a Dee Cakes - http://cupadeecakes.blogspot.com