Yes, the diamond structure is more stable than the graphite structure under conditions of very high pressure because physically the atoms can be closer together. if the pressure is high enough for the diamond structure to be preferred and the temperature is high enough for the bonds to move freely, the carbon atoms will organize into a diamond structure. If this is cooled while the pressure remains high, the diamond structure will be frozen in place.
Under lower pressures, the graphite structure is preferred. However, the temperature required to change the bonding is rather high, so once the diamond structure is reduced to terrestrial temperatures, it is essentially indefinitely stable and will not revert to the graphene structure.