Diminutive nouns in (Classical) Latin are derived by suffixation with the diminutive suffix -ulus or any of its alternate forms, as the stem-word demands. The suffixes -ulus, -lus (apharetic form), -culus and -unculus (rebracketed forms), -uleus (-ulus + -eus), -illus, -ellus, and -ullus all form diminutive nouns from nouns. Examples of diminutives so-formed include: calculus, regulus, libellus, masculus, sermunculus, clavicula (a feminine form), acunculus, equuleus, and nucleus (< nuculeus).
So you see, Latin does indeed recognize diminutives, some of which (calculus, nucleus) you are undoubtedly familiar with from other contexts.