I was just wondering whether it is possible to have a Diamond symbol at Item level of the document on the Smartform with dynamic text on it, yes it is possible with few minor limitations.
Here we go,
Create two bmp graphics with Upper and Lower portion of Diamond symbol (As zsd_tr_ivc1.img and zsd_tr_ivc2.img) and upload it to SAP by using ‘SAP script Graphic management' transaction SE78.
zsd_tr_ivc1.bmp
zsd_tr_ivc2.bmp
In the Smartform create a folder (Wherever you want to print the Diamond symbol) inside the Item Table Insert the Graphic ZSD_TR_IVC1.img, Text TEXT_INSIDE_DIAMOND and Graphic ZSD_TR_IVC2.img.
Insert the Graphics as BMON to avoid rectangular borders printing on the Smartform.
Set the Output options of the folder to ‘New Cell' and not for any component inside the folder (DIAMOND_FOLDER).
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Note: Positioning the Graphic on the form can be achieved by inserting the DIAMOND_FOLDER inside a appropriate WINDOW/TABLE CELL.
By joining the Two graphics into one folder with TEXT in between it will become an incomplete diamond with chopped horizontal sides. 
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Note: To print a complete Diamond with a Dynamic text of fixed length adding a ‘<' symbol left side of it and ‘>' right side will picture full diamond.
(The sizes and Intensity of ‘<' &'>' symbols needs to be adjusted to a graphic color and size).
