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I'm not sure but I always heard that you have a real black diamond gun if the diamond(star) mark is present.
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99.9% sure that is an urban myth.
The "black diamond" in the stock is just a feature of the Trap Grade and the Pigeon Grade guns, both Model 1912 and 1897. Through at least 1926 Winchester paper the Trap and Pigeon grades are still with the "black diamonds." The next Winchester paper I have is July 1931 and for the Model 12 the Tournament Grade had been replaced with the Standard Trap Grade and the Trap Grade had been replaced with the Special Trap Grade which is still pictured with the "black diamond." The Model 97 was only offered in the Standard Grade as well as the Guard & Riot and the Trench Gun.
By the November 1932 Winchester catalog, after the Olins took over Winchester, The Model 12 was still shown in the Standard Trap Grade (no "black diamond") and the Special Trap Grade with the "black diamond." For the Model 97 a Standard Trap Grade (no "black diamond") was back in the listings. The offerings remained the same through 1938. These guns were offered in all gauges.
Things change for 1939. Both the Standard Trap Grade and Special Trap Grade are gone, and they are replaced with the Model 12 Trap Gun shown with no "black diamond" and in 12-gauge only. The Pigeon Grade is still offered in all gauges and shown with the "black diamond." In the 1941 Winchester catalog there are two Model 12 Pigeon Grades shown, one with the "Black diamond" and one without.