This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. The word that U+1F536 forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “large orange diamond” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: diamond, geometric, large, orange.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Variation Selector-15: 🔶︎ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
In plane Euclidean geometry, a rhombus (pl.: rhombi or rhombuses) is a quadrilateral whose four sides all have the same length. Another name is equilateral quadrilateral, since equilateral means that all of its sides are equal in length. The rhombus is often called a "diamond", after the diamonds suit in playing cards which resembles the projection of an octahedral diamond, or a lozenge, though the former sometimes refers specifically to a rhombus with a 60° angle (which some authors call a calisson after the French sweet—also see Polyiamond), and the latter sometimes refers specifically to a rhombus with a 45° angle.
Every rhombus is simple (non-self-intersecting), and is a special case of a parallelogram and a kite. A rhombus with right angles is a square.