We study the evolution of periodic nanostructures formed on the surface of diamond by femtosecond laser irradiation delivering 230 fs pulses at 1030 nm and 515 nm wavelengths with a repetition rate of 250 kHz. Using scanning electron microscopy, we observe a change in the periodicity of the nanostructures by varying the number of pulses overlapping in the laser focal volume. We simulate the evolution of the period of the high spatial frequency laser induced periodic surface structures at the two wavelengths as a function of number of pulses, accounting for the change in the optical properties of diamond via a generalized plasmonic model. We propose a hypothesis that describes the origin of the nanostructures and the principal role of plasmonic excitation in their formation during multipulse femtosecond laser irradiation.