This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. The word that U+25CA forms with similar adjacent characters prevents a line break inside it. The glyph can be confused with one other glyph.
The CLDR project calls this character “lozenge” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: diamond, rhombus.
The Wikipedia has the following information about this codepoint:
A lozenge ( LOZ-inj; symbol: ◊), often referred to as a diamond, is a form of rhombus. The definition of lozenge is not strictly fixed, and the word is sometimes used simply as a synonym (from Old French losenge) for rhombus. Most often, though, lozenge refers to a thin rhombus—a rhombus with two acute and two obtuse angles, especially one with acute angles of 45°. The lozenge shape is often used in parquetry (with acute angles that are 360°/n with n being an integer higher than 4, because they can be used to form a set of tiles of the same shape and size, reusable to cover the plane in various geometric patterns as the result of a tiling process called tessellation in mathematics) and as decoration on ceramics, silverware and textiles. It also features in heraldry and playing cards.