You could project a slanted rectangle onto the outer cylinder. Select and copy the new face. Sweep the face to create a volume and subtract that volume from the cylinder. Repeat with an orthogonal rectangle. This should naturally leave you with the diamond shaped faces. Next, subtract a cylinder with a smaller radius from the bigger cylinder. Repeat with slanted rectangles on the inside. Finally, select, copy and sweep the diamond-shaped faces even deeper than the slanted rectangles to cut a hole through the outer conductor.
Once you have swept a single diamond-shaped face, I would try copy and translating that volume down the length of the cylinder. Ideally, that volume would perfectly overlap the other diamond-shaped faces. This allows you to subtract the volumes from the outer conductor, but more importantly it could all be automated with a Lua script.