Who's this "we," Kimo Sabe?
If the mod team tells the CM that they need another mod to take care of the work load, they'll as the CM to call an election.
If there are particular mod issues that concern you, or any of us for that matter, or if you feel that our mods, or a mod, are not performing up to standards then you can contact the CM, or, you can contact the mod team, and address it with them to see if your perceptions are shared by the whole diamond mod team and / or the CM.
Sometimes, where we sit determines (and informs what we see) - we may only have only a part of the story. In the case of how much work the diamond mods do in their roles, we for sure do not have the whole story.
Bottom Line: No.
No, "we" don't need to think about a mod election until the diamond mods decide that their ability to handle the work load, as unpaid volunteers, could use another hand and they contact the CM to set one up.