Tyson Gay overcame a poor start to edge fellow American Darvis Patton in the 100 meters at the DN Gala meet on Friday, clocking a wind-aided 9.79 seconds.
Patton was timed in 9.95 and former world record-holder Asafa Powell of Jamaica finished third in 9.98.
On a windy and cool evening with a temperature of 61 degrees, Gay passed Powell before the midway point and snapped the Jamaican's streak of three straight wins at Olympic Stadium.
Gay's time was well below Powell's stadium record of 9.86 from 2006, but the American did not get a 1-carat diamond for breaking the meet mark because of the strong wind.
Any athlete who breaks the stadium record earns a $10,000 diamond.
Allyson Felix of the United States was the only athlete picking one up, winning the women's 200 in 21.88. It was also the fastest time of the year.
"It felt really good," she said. "I was worried about the conditions. I wanted to work the curve and I did. It really worked."
Gay didn't mind missing out on the record, and the diamond.
"Not really," he said. "I'm kind of glad to win. They pushed me that fast. I'm satisfied with the win."
The chilly weather didn't bother Gay much even though he struggled with a sore groin in London last weekend.
"Just a little bit, but I warmed up good," Gay said. "I'm happy. I really don't have a problem running in the cold. I think it was a good run. My groin is a little bit sore, but I didn't feel any pain during the race."
Gay also won his previous meeting with Powell this season in Rome, when he posted the fastest time of the year in 9.77.
Their next meeting will be in Berlin next month at the world championships.
"I'm pretty close to my top shape," Powell said. "I'm getting there. I'm happy with my first 50, now I have to work with my last 50. This was a lot better than London."
Last weekend, Powell was only sixth in a race in London won by world record-holder and fellow Jamaican Usain Bolt.
In earlier events, Bahrain's Ali Bilal Mansoor clocked the fastest 1,000 of the year and American Jeremy Wariner won the DN Gala 400 for the fifth straight year.
Mansoor took the lead late on the home stretch, winning in 2:16.55. Geoffrey Rono of Kenya was second in 2:16.82.
Wariner was never really challenged in his race, taking the one-lap race in 44.83. Michael Bingham of Britain finished second in 45.49 and Kerron Clement, another American, was one second behind in third place.
"It felt great," Wariner said. "I was trying for a season's best and it just gets better. Stockholm is by far one of my favorite meets."
Wariner earned a diamond two years ago when he set the Olympic Stadium record of 43.50.
Former NHL MVP Peter Forsberg, a two-time Olympic hockey champion with Sweden, delivered the briefcase full of diamonds to an official on the infield.
A former javelin thrower, Forsberg opened the meet by throwing a javelin shaped as a hockey stick 100 feet, 2 inches.
Since 1994, 64 diamonds have been awarded in the meet.