First, I'm not a doctor and neither am I suffering from depression myself. For various reasons, I'm acquainted with at least part of the issue, though, so I'll venture a layman's answer and hopefully the docs will join in with the real stuff.
For people who are susceptable to depression, can diving exacerbate the condition?
It's a very good question.
Most people who've replied so far don't appear to know what a real "depression" is. I'll run with the DSM IV criteria for a Major Depressive Episode and its part in other diagnoses, e.g. the bipolar ones.
I know a few people who dive with these diagnoses. They're good divers. The diving
would certainly appear to relieve the depression for them. This correlates quite closely with what I've seen British doctors suggest in various UK scuba mags.
However,
there could conceivably be complications. One relates to the
medication that depressed people must take. There have to my knowledge been no laboratory tests of the effects of anti-depressives (or anti-epileptica or in fact, other
any such medication) on scuba divers, particularly when at higher partial pressures!
Also, the depression might have widely varying symptoms in different persons. Some might conceivably be more prone to panic attacks than others. A true panic attack under water isn't a very good thing ...
As I said, I'm perfectly comfortable diving with some people with a clear diagnosis of depression. There are others, non-divers, who've considered the sport but where I personally would try to dissuade them from diving ... I don't think it would be good for them, knowing them in private life ...
It's all individual.
My suggestion would therefore that anyone suffering from depression read any further suggestions on this board from the docs, talk to their own psychiatrist about their medication, and then perhaps talk to a diving doctor or call DAN.
Many depressed people dive, and seem to thrive on it. Then again, it could be a problem for other people.