Here, $L^3/a^3$ is the number of unit cells in the system, so we see that a single band can host 2 electrons per unit cell (because of spin). If there are no overlapping bands, a system with 2 electrons per unit cell will therefore be an insulator/semiconductor.
??? question "Can we now understand why diamond is an insulator?"
Hint: how many atoms per unit cell does diamond have (see exercises Lecture 7)? And how many valence electrons does a carbon atom have?
We come to the important rule:
> Any material with an odd number of electrons per unit cell is a metal.