There are two genetic types of spinel (magmatic spinel crystallizing directly from kimberlite magma and xenocrystic spinel derived from mantle xenoliths) in the No.30 kimberlite pipe (Liaoning Province, North China Craton). Their geochemistry is investigated to reveal processes of diamond capture and resorption during kimberlite magmatism to constrain the diamond potential. Magmatic spinels are mostly euhedral to subhedral, 20 to 60 µm in size, and have compositional zones: the cores are classified as chromite with high Cr and Mg contents, and the rims are classified as magnetite with low Cr and high ferric Fe. The compositional trends suggest that magmatic spinel and olivine phenocrysts are crystallized contemporaneously during the early stages of kimberlite crystallization. During this period, temperature (T) and oxygen fugacity (fO2) values calculated at an assumed pressure of 1 GPa are in the range of 994–1274 °C and 1.6–2.4 log fO2 units below the nickel-nickel oxide (NNO) buffer, respectively. The high values of fO2 suggest heavy diamond resorption during kimberlite magmatism. Estimated temperatures of xenocrystic spinel range from 828 to 1394 °C, and their distributions indicate that only a small proportion of xenocrystic spinels are derived from the diamond stabilization field, which suggests a low potential of diamond capture. The low diamond capture and heavy diamond resorption during kimberlite magmatism contributed to the low diamond grade of the No.30 kimberlite.