Diamond has canceled his upcoming concert dates, but the recording artist intends to continue writing and recording music "for a long time to come," according to a statement on his website.
"It is with great reluctance and disappointment that I announce my retirement from concert touring. I have been so honored to bring my shows to the public for the past 50 years," said Diamond.
Diamond, who will celebrate his 77th birthday on Wednesday, is offering refunds to anyone who purchased tickets to his now-canceled tour dates.
Diamond is set to receive a lifetime achievement award from the Recording Academy at the end of the month.
"My thanks goes out to my loyal and devoted audiences around the world. You will always have my appreciation for your support and encouragement. This ride has been 'so good, so good, so good' thanks to you."