Diamond isn't the strongest material (and certainly not the cheapest for a given strength). It is possible to construct vessels that are stronger than the pressure created by the freezing ice (at least small ones). It needs to withstand 300MPa. Looking online, you can find pipe manufacturers that make pipes with maximum pressures in that region.
It's possible you would have failures at other locations (like faucets that are not so strongly constructed) as the water in the pipe is pressurized. And you would probably be paying more for the pipes than it would cost to repair several failures in regular pipes.