A diphthong is a combination of two vowel sounds in a single syllable. In Greek, they may be written with an umlaut on the second vowel or an acute accent on the first vowel.
Greek has seven vowels (letters) for just four vowel sounds. There are also eight double vowels: one creates a fifth vowel sound, four are alternate spellings for regular vowels, and three make a vowel + consonant sound.