Ethical Diamond is out of Pearl Diamond (Areion), a winner, and is her only starter and only winner to date. Pearl Diamond is a half-sister to Precious Boy (Big Shuffle), a highweight in Germany and multiple Group 2 winner who won the Mehl-Mülhens-Rennen (German 2000 Guineas), then a Group 2, and was second in the Gr.1 Bayerisches Zuchtrennen, and to the group-placed Prema (Big Shuffle).

Second dam Pretty Su (Surumu) won twice and bred seven other winners, among them Precious Boy and Prema, who was placed at Group 3 level and is the dam of the Listed-placed Preciously and grandam of Crystal Cliffs, a Grade 2 winner in Canada.

Third dam Pretty Procida (Procida) was a winner and had three other winners. She is the grandam of Ballymount Boy (Camacho), a Listed winner placed at Group 2 level, and of Jel Pepper (Inns Of Court), third in the Gr.2 July S. this year.

Pearl Diamond foaled a full-brother to Ethical Diamond on 7 February.