Sure it is basically down to sp2 or more accurately non - diamond carbon content. Pretty much all non diamond bonding absorbs light within the bandgap. So nanocrystalline diamond has more grain boundaries due to the small grain size. This means more non diamond carbon and therefore more optical absorption. This correlates with Raman but is not a linear/direct correlation. Higher optical absorption generally leads to more G-band and D band peaks in the Raman spectra. See attached papers.