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We present an algorithm for approximating the diameter of massive weighted undirected graphs on distributed platforms supporting a MapReduce-like abstraction. In order to be efficient in terms of both time and space, our algorithm is based on a decomposition strategy which partitions the graph into disjoint clusters of bounded radius. Theoretically, our algorithm uses linear space and yields a polylogarithmic approximation guarantee; most importantly, for a large family of graphs, it features a round complexity asymptotically smaller than the one exhibited by a natural approximation algorithm based on the state-of-the-art Δ-stepping SSSP algorithm, which is its only practical, linear-space competitor in the distributed setting. We complement our theoretical findings with a proof-of-concept experimental analysis on large benchmark graphs, which suggests that our algorithm may attain substantial improvements in terms of running time compared to the aforementioned competitor, while featuring, in practice, a similar approximation ratio.