The refractive index is defined as the ratio of the velocity of light in vacuum to its velocity in a specified medium.
The refractive index of diamond is 2.42 means that light moves 2.42 times slower in diamond. The speed of light in diamond will be:
\(v = \cfrac{c}{n}\)
\(v = \cfrac{3 \times 10^8}{2.42}\)
\(v = 1.23 \times 10^8~m/s\)