Diamond based technologies offer a material platform for the implementation of qubits for quantum computing. The photonic crystal architecture provides the route for a scalable and controllable implementation of high quality factor (Q) nanocavities, operating in the strong coupling regime for cavity quantum electrodynamics. Here we compute the photonic band structures and quality factors of microcavities in photonic crystal slabs in diamond, and compare the results with those of the more commonly-used silicon platform. We find that, in spite of the lower index contrast, diamond based photonic crystal microcavities can exhibit quality factors of Q=3.0x10(4), sufficient for proof of principle demonstrations in the quantum regime.