SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

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                                    FORM 8-K/A

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

Date of report (Date of earliest event reported) June 15, 1998
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                             Diamond Equities, Inc.
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               (Exact Name of Registrant as Specified in Charter)


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


     2010 E. University Drive, Ste. 3, Tempe Arizona                     85281
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(Address of Principal Executive Offices)                              (Zip Code)


Registrant's telephone number, including area code     (602) 921-2760
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                                       N/A
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          (Former Name or Former Address, if Changed Since Last Report)

         Item 2. Acquisition of Assets.

     On June 15, 1998,  Diamond  Equities,  Inc.  ("Registrant")  and its  newly
formed subsidiary,  Precision Plastics Molding,  Inc.  ("Subsidiary") closed the
transaction  involving the purchase of  substantially  all the assets of Premier
Plastics Corporation ("Premier") a Tempe, Arizona private company engaged in the
plastic  injection molding business.  The assets purchased  included  equipment,
inventories, contract rights, customer lists, know-how, drawings, specifications
and intellectual property. The sole shareholder of Premier, John O. Hoffman, has
been  engaged to manage  the  business  formerly  conducted  by Premier  and the
business of Premier will be continued under the name of the Subsidiary.

         Consideration  of $75,000 in cash was paid along with the assumption of
various notes and payables in the amount of approximately  $40,000. In addition,
the selling  shareholder of Premier will receive  300,000 shares of common stock
of the  Subsidiary  valued at $0.25 per share.  Prior to this  acquisition,  the
Subsidiary  had  no  assets.  The  purchase  price  paid by the  Registrant  was
determined  by  negotiations  between  the  parties.  The cash paid was from the
Registrant's own funds. There was and is no relationship between Premier and its
sole  shareholder  and the  officers  and  directors  of the  Registrant  or its
Subsidiary.

         Item 7.  Financial  Statements,  Pro Forma  Financial  Information  and
Exhibits.

         (a) Financial Statements of Business Acquired.

         This acquisition may not meet the "significant subsidiary" test of Form
8-K, in that the assets of the Subsidiary do not exceed ten percent (10%) of the
Registrant's  assets,  nor has the Subsidiary  had income  exceeding ten percent
(10%) of the consolidated income.

         On the date of this filing,  it is  impractical  for the  Registrant to
file the audited financial statements required by Item 7(a) since the Subsidiary
had no such audited  financial  statements.  In accordance  with Item 7(a)(4) of
Form 8-K the required  financial  statements  will be filed with an Amendment to
this Form 8-K no later than 60 days after June 8, 1998.

         (b) Pro Forma Financial Information.

         As of the date of this filing,  it is impractical for the Registrant to
provide the pro forma financial information required by Item 7(b). In accordance
with Item 7(b), such financial  statements  shall be provided as an Amendment to
this Form 8-K no later than 60 days from June 8, 1998.

         (c) Exhibits.

         None.

                                   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:    July 17, 1998                  By:  /s/ David D. Westfere
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                                                 David D. Westfere, President