I understand your train of though but it's just one diode
@Rocket Scientist and it's actually before the indicator switch.
It's not obvious why it is required - only deduction I would have (& this one really is nothing more than a guess, although not totally without merit) is that it is to block positive signal emanating from the alarm module (when fitted) back into the flasher circuit (which may have some impact on the self-canceling feature). It's the only premise I can think of as to why it is there, but admittedly it's a SWAG.
If an alarm is NOT fitted, can't see how it would have any function.