Are you talking about the "o" in "diamond"? It's actually the third syllable. If I was saying it slowly I would say it with the sound in "red", but when said at normal speed it comes out as a schwa sound.
For every other one except "elephant", my answer is the same - I'd use an "e" when pronouncing the word very slowly, but at normal speed it should be a schwa.
For "elephant", the second "e" is pronounced with neither of those sounds. The first "e" is pronounced with the "e" in "red", the second one is pronounced with the "u" in "cut", and the "a" is pronounced with a schwa sound.