I think its more likely your water pump is just shot. If the bearing goes it will take out the gland seal that keeps the coolant in. The result is you get coolant running down on to the inside of the pump pulley. When mine went I got a nice spray trace up the side of the air filter box! Not sure of the set up on the diesel but on mine I'd slacken the fan belt and then see if I got any play at the pump pulley. HTH