We propose a new microscopic model for the {001} planar defects in diamond commonly called platelets. This model is based on the formation of a metastable stacking fault, which can occur because of the ability of carbon to stabilize in different bonding configurations. In our model the core of the planar defect is basically a double layer of three-fold coordinated sp 2 carbon atoms embedded in the common sp 3 diamond structure. The properties of the model were determined using ab initio total energy calculations. All significant experimental signatures attributed to the platelets, namely, the lattice displacement along the [001] direction, the asymmetry between the [110] and the [110] directions, the infrared absorption peak B ′ , and broad luminescence lines that indicate the introduction of levels in the band gap, are naturally accounted for in our model. The model is also very appealing from the point of view of kinetics, since naturally occurring shearing processes will lead to the formation of the metastable fault.PACS numbers: 61.72. Nn, 61.72.Bb, 63.20.Pw, 71.15.Nc, 71.55.Cn Perhaps one of the oldest unanswered questions in diamond physics concerns the nature and atomic structure of the extended defects known as platelets. These {001} planar defects were first discovered more than sixty years ago [1] by X-ray diffraction experiments, which observed anomalous peaks corresponding to {00h} reflections. These were immediately associated with lattice defects, since they are forbidden by symmetry in a perfect diamond lattice. From then on, a plethora of experimental data on this planar defect has been gathered, but a complete understanding of its origin and microscopic structure is still lacking. The current knowledge on this defect can be summarized as follows: i) platelets have been detected only in type Ia diamonds [2]; ii) transmission electron microscopy (TEM) experiments have shown that there is an asymmetry between the [110] and [110] directions [3]; iii) TEM experiments have also determined that platelets displace the crystalline lattice by approximately 0.4a 0 [4], along the [001] direction, where a 0 is the lattice parameter of diamond; iv) electron energy loss spectroscopy (EELS) experiments indicate that the nitrogen content in platelets can vary from 6% to 61% of a monolayer [5,6,7]; v) an infrared absorption line around 1370 cm −1 is always present in samples containing platelets [8]; vi) platelets have been associated with broad luminescence bands, one centered at 1.25 eV [9], which reduces the efficiency of optical windows made of natural diamond, and another at 2.14 eV [10], and possibly with high energy absorption and luminescence bands around 4.6 and 4.4 eV, respectively [11].In the microscopic model first proposed for platelets in diamond, Frank [12] considered that the defect should be formed by Si impurities replacing part of the carbon atoms in a (001) plane. However, it was later shown that Si is an uncommon impurity in diamond. Subsequently, it was demonstrated that diamonds type I...