The Diageo-owned vodka brand will launch the activity in May for its Red 21 vodka. It is supporting the promotion with a TV campaign through JWT. The diamonds will be hidden under the caps of 70cl bottles.
The activity aims to drive off-trade sales, where rivals include Absolut, Finlandia and Vladivar.
Vodka is the fastest-growing major spirits category in both the on- and off-trade and Smirnoff is the biggest spirit brand in the UK, according to ACNielsen.
Smirnoff's current campaign highlights its triple-distillation process.
An interactive ad appears in three parts; viewers have to press the red button after each section to see the next.
In the first segment, a man tells his lover that he knows she has had an affair and that he is leaving her. In the second, by repeating the same scene but removing action and dialogue, the man is shown telling the woman he has been unfaithful. In the third, a further edited version, he simply tells her he loves her.
Smirnoff has expanded its portfolio over the past year, introducing Smirnoff Penka, a premium product, and Smirnoff Norsk, a variant flavoured with Nordic berries.