Well, there is one song from our Cranberry Isles which may have been based on the one you're interested in but it's all now a local story with not a diamond to be seen (from Minstrelsy of Maine):
There was a wealth Irishman On Cranberry Isles did dwell, He had a handsome daughter, Old Joe he loved her well.
Chorus:
And sing ti-re-um, sing tu-re-um, Sing ti-ro-edle-o-a.
With many more verses about an older man marrying a much younger woman.