A diamond bearing assembly comprises a support ring having at least one diamond bearing segment attached thereto. A plurality of bearing pads are disposed on the diamond bearing segment. The plurality of bearing pads have a plurality of flow micro-channels between the bearing pads. A flow channel is disposed in the support ring proximate the bearing segment, wherein the flow channel has a fluid flowing therethrough for cooling the bearing segment. In another aspect, a method of cooling a diamond bearing comprises disposing a plurality of bearing pads on a diamond bearing segment. The diamond bearing segment are attached to a support ring. A fluid flows through a substantially radial channel in the support ring to cool the diamond bearing segment.