Diplomat cream or "crème Madame" (a much prettier name) is one of many creams in French pâtisserie based on confectioner's custard. The classic confectioner's custard (crème pâtissière, or french pastry cream) has gelatin added while hot, then whipped cream is folded in when cold.
This gives a very light, velvety mixture, halfway between custard and Chantilly.