We show that a diamond shaped periodic network, recently proposed as a model of a spin filter (A. Aharony et al. [1]) is capable of behaving as a p-type or an n-type semiconductor depending on a suitable choice of the on-site potentials of the atoms occupying the vertices of the lattice, and the strength of the magnetic flux threading each plaquette of the network. A detailed study of the density of states of an infinite network is made together with the conductance of finite sized system to establish the idea.PACS numbers: 63.50.+x, 63.22.+m Low dimensional model quantum systems have been the objects of intense research, both in theory and in experiments, mainly due to the fact that these simple looking systems are prospective candidates for nano devices in electronic as well as spintronic engineering [1,2,3,4,5,6,7,8,9,10,11,12,13]. Apart from this feature, several striking spectral properties are exhibited by such systems owing to the quantum interference which is specially observed in quantum networks containing closed loops. Examples are, the Aharonov-Bohm (AB) effect [5] in the magnetoconductance of quantum dots [7], electron transport in quantum dot arrays [3,4], Fano effect in a quantum ring-quantum dot system [8], spin filter effects in mesoscopic rings [10,11] and dots [6], to name a few.Recently, Aharony et al. [1,2] have proposed a model of a nano spintronic device using a linear chain of diamondlike blocks of atomic sites. Each plaquette of the array is threaded by identical magnetic flux. They have analyzed how the Rashba spin orbit interaction and the AB flux combine to select a propagating ballistic mode. A similar chain was earlier investigated by Bercioux et al. [12,13] in the context of spin polarized transport of electrons. However, there are certain special spectral features offered by the diamond chain, particularly the role of the AB flux, which we believe, remain unexplored. This is precisely the area we wish to highlight in the present communication. We show that an infinite diamond chain of identical atoms behaves as an insulator at T = 0 K in the presence of a non-zero AB flux. As we arrange atoms of two different kinds (represented by two different values of the on-site potential) periodically on a diamond chain, a highly degenerate localized level is created near one of the two sub-bands of extended states. The proximity of this localized level to either of the sub-bands can be controlled by tuning the AB flux, and can be made to stay arbitrarily close to either of the sub-bands. The entire system is then capable of behaving as an n-type or a ptype semiconductor as explained later. The conductance spectrum of a finite array of the diamond plaquettes is also studied to judge the applicability of such a network geometry in device engineering.We adopt a tight binding formalism, and incorporate only the nearest neighbor hopping. We begin by referring to Fig.