We report an analytical model describing power and efficiency of a 23 W quasi-continuous-wave diamond Raman laser. The model guides the optimization of the first Stokes output power as a function of resonator and crystal parameters. We show that, in the limit of a weak thermal lens, efficient operation requires strong focussing, low output coupling and low-absorption crystals. Efficient damage-free operation at higher pump powers is predicted to benefit greatly from increased optimum output couplings that act to limit the intracavity Stokes field.