This questions calls for an answer from thermodynamics.
The figure provided above, lifted from here, is what we call a phase diagram. On the abscissa is temperature in units of Kelvin and on the ordinate is the pressure given in units of Gigapascals. (For your own reference, 1 GPa is nearly 10,000 times the pressure we live under, the earth's core is estimated to be over 300 GPa!) This diagram represents the input of experimental work and extrapolation with mathematical tools provided by thermodynamics. What this figure shows very clearly is that for a given temperature and pressure which phase is thermodynamically preferred.
A line between the diamond and graphite phases represents a phase boundary, and tell us precisely what temperature and pressure are required for these two phases to be in equilibrium. The phase boundary between liquid carbon and graphite represents the melting temperature for graphite; the same can be said for the diamond/carbon line, this again is the melting temperature of diamond.
Our melting temperature therefore depends on phase and pressure. So if you only have two melting points, does that really tell you which is thermodynamically preferred at room pressure (0.0001 GPa)? No, it does not. It is more subtle than that.
So how would we determine the relative stability of graphite and diamond at room temperature and pressure? For that we compute the standard Gibbs energy of reaction (at STP), this requires we use some values from a table: $\Delta G_f^0 (diamond) = 2.90 (kJ/mol)$ and $\Delta G_f^0 (graphite) = 0 (kJ/mol)$.
The reaction we want to calculate is: $C(diamond) \rightarrow C(graphite)$
Now we know that $\Delta G_{rxn} = \Sigma_{products} \Delta G_{f} - \Sigma_{reactants} \Delta G_{f} = 0 - 2.90 = -2.90 (kJ/mol)$. So $\Delta G_{rxn} < 0$ tells us at 298 K and 1 atm of pressure, diamond would spontaneously form graphite if it could; however, for this transition carbon atoms would have to change their location within a lattice and the rate at which this happens in a solid tends to be very slow at low temperatures. Hence, we call diamond a metastable phase under STP.
Now if you provide a sufficient energy to get over this activation barrier, then you will be able to see what thermodynamics prefers. Personally, I find this video very compelling.