As was discussed in this thread, Colt would never stamp an odd centered "357 &" mark on one of their guns, not even an experimental.
A key feature of non-factory conversions is oddly spaced extra markings, and non-factory fonts.
Notice the "357 &" is not centered with the barrel, and is in a different font.
These are clearly hand engraved marks, something Colt just never did, even for an experimental.
If you got an Archive letter from Colt the letter would show the gun shipped in .38 Special.
As said, any fool with a chambering reamer can re-chamber a gun to an unsafe caliber.
Obviously this was someone's idea of a "neat" thing to do, and it's dangerous to fire, NO MATTER HOW MUCH IT'S BEEN FIRED.
It may go a number of rounds, but the frame is being beaten to death and will be stretched if fired much.
The cylinder metal and heat treating was not made for .357 pressures and sooner or later it will blow. It may go any number of rounds or it may blow the very next one.
This is simply another form of Russian Roulette.
Colt themselves say they only made the Diamond back in .22LR and .38 Special, and "may" have made an experimental version in .22 Magnum, but never made or sold any production models.
This causes heartburn because there ARE some Diamondback revolvers clearly marked .22 Magnum.
Colt says this was a factory stamping error where a few barrels were mistakenly stamped with the wrong barrel stamp and weren't caught before being shipped.
In original factory condition these will not chamber the .22 Magnum.
Of course, some people decided to re-chamber them for the .22 Magnum, and will claim their factory guns.
So again, the blatantly fake barrel marks clearly show this is not a Colt factory .357 Magnum Diamondback.
A few years ago, Colt sold their factory museum and prototype collection.
There were a lot of really odd experimental guns, and these all sold with factory letters detailing that they were prototypes and experimentals.
There were no .357 Diamondbacks in the collection.