What is the easiest way to model this diamond grip pattern into a cylinder?
Subdivide the area you want to engrave to have enough supporting geometry:
Subdivide it one more time - W > Subdivide:
Unsubdivide - Ctrl+E > Unsubdivide, choose Iterations: 1 in operator properties:
Select single face and select similar - Shift+G > Area:
Poke faces Alt+P and switch to vert select:
Select these 2 vertices:
Select similar - Shift+G > Amount of connecting edges:
Scale these in with Alt+S:
Mark sharp smoothing on the whole area.
You could achieve this with normal mapping in Blender. Use a normal map like for an example this: Normal map
You can then in cycles create a material which uses the normal map to simulate the light bouncing of in certain ways to achieve this effect. You will have to UV unwrap the model, and assign the material with the normal map on the places you want it.