Antara,
The index of refraction is defined as the ratio of the sped of light in a vacuum to the speed of light in the meduiu of interest, in the is case diamond.
So n=c/v, n= index, c=speed of light and v= speed of light in diamond. 2.42=c/v so v=c/2.42, c≈3x108 m/sec so v=1.24x108 m/sec.
Hope this helps
Jim