I am not sure what company used the plain diamond mark. Dominion Glass Co. of Montreal used a "D" inside a diamond. Might this be their mark as well?
Might 54 refer to 1954? Possible.
The "Federal Law Forbids" markings is your best indicator, although I realized it is a broad range spanning several decades.
I am sure many collectors would be comfortable placing this in the 1940s or 50s range.