The alternating‐current conductance and capacitance of a diamond film/aluminium diode was measured over the temperature range 230–330 K. Loss tangent curves for the frequency range 100 Hz–1 MHz exhibited three maxima. Doping of the CVD diamond was not uniform, indicating the presence of deep‐level impurities. Results were analysed for the temperature range 230–270 K, at which it is possible to observe processes that are supposed to occur in grains and grain boundary regions of polycrystalline diamond. A loss tangent curve was simulated using an equivalent circuit model composed of resistances and capacitances corresponding to depletion regions and the bulk and of the electrical characteristics of the two phases of diamond. This model explicitly includes deep impurities. The curve‐fitting parameters for the loss tangent plot demonstrate that at medium frequency (4 kHz, activation energy 0.2 eV) the bulk resistance is high (100 kΩ) and the maximum is related to the presence of microcrystals, which exhibit low conductivity. At high frequency (800 kHz, activation energy 0.5 eV) the bulk resistance is low (1 kΩ), suggesting that the maximum is associated with grain boundary regions. The low values of the relaxation times obtained (10–28 and 4×10–27 s) are justified. (© 2010 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)