SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


        Date of report (Date of earliest event reported) March 18, 2002


                            Diamond Equities, Inc.
               (Exact Name of Registrant as Specified in Charter)


           Nevada                       0-24138                  88-0232816
(State or Other Jurisdiction          (Commission              (IRS Employer
     of Incorporation)                File Number)           Identification No.)


216 S. Alma School Road, Suite 10, Mesa, Arizona                    85210
   (Address of Principal Executive Offices)                       (Zip Code)


       Registrant's telephone number, including area code: (602) 462-5900


             2010 E. University Drive, Suite 3, Tempe, Arizona 85281
          (Former Name or Former Address, if Changed Since Last Report)

ITEM 5. OTHER EVENTS

     The  Board  of  Directors  of the  Company  have  decided  to cease to file
periodic  (quarterly  or annual)  reports under the  Securities  Exchange Act of
1934,  and it  believes  that by so doing that it may no longer be listed on the
NASD  Bulletin  Board.  Due to the decrease in operations of the company and the
lack of funds,  the Company has become  delinquent  in its filings with the SEC.
The Board of Directors  are currently  looking at various  options to remedy the
deterioration  of  operating  revenues,  due to a  variety  of  negative  market
conditions. These options include but are not limited to the sale of some or all
of Precision Plastics,  or a spin off and reorganization of Diamond Equities. No
decision to file under the Bankruptcy Act has been made.

                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                           DIAMOND EQUITIES, INC.


Date:  March 18, 2002                      By:  /s/ David D. Westfere
                                                -------------------------------
                                                David D. Westfere, President