I have a Schecter Diamond Series bass, never heard of Diamondback Series though.
Is THIS what you're talking about? Diamond Series, not Diamondback.
But anyway, it's just a name they gave a series of guitars and basses, certain body types I guess.
WTF are you talking about? They still make and sell Diamond Series basses, I own one, Slapnpopbass owns one. I saw a bunch in Guitar Center literally 2 days ago.
I'm still not 100% sure what the title means (it's the body style or anything since they put it on a lot of different models), I can't figure that part out, but I do know they still make them and they are good basses/guitars.
It probably means the body, neck and hardware were assembled (or "crafted") in South Korea, but the neck, bridge, intonation and strings were adjusted in America before they were shipped to Guitar Center or wherever they end up. There is a LOT of setting up to do to a bass neck and bridge when it's first put together.