Here is the receipe I promise to type in last December when I was too busy.....I'm still busy but had enough number -crunching for one day.
The following is extracted from THE NEW AMERICAN MACHINIST'S HANDBOOK, McGraw-Hill Book Company, 1955.
"Graded diamond powder in oil can be ....made in the shop from the debris from diamond cutting.
Assume that the process is started with 25 carats of debris: Into a mortar place about 5 carats, using an 8 oz. hammer to crush it. It takes from 3 to 4 minutes of steady pounding to reduce it to a good average. Scrape the powder free from the bottom and sides and empty into 1/2 pt of the best olive oil held in a 1-1/2 pt cup-shaped receptacle. The 25 carats being reduced to powder and in the oil, stir until thoroughly mixed and allow to stand for 5 minutes; then pour off into another dish.
The diamond that remains in the dish is coarse and should be washed in benzine and allowed to dry, and then be repounded, unless extremely coarse diamond grit is desired. In that case label it # 0. Now stir that which has been poured from # 0, and allow to stand for 10 minutes. Then pour off into another dish. The residue will be # 1. Repeat the operation, following the table below. The settlings can be put into small bottles for convenient use.
Settling Time For Diamond Powder
To obtain # 0 - 5 min # 1 - 10 min # 2 - 30 min # 3 - 1 hr # 4 - 2 hrs # 5 - 10 hrs # 6 - until oil is clear
Diamond is seldom hammered into the lap material; it is generally rolled into the metal. For instance, several pieces of wire of various diameters charged with diamond may be desired for use in die work. Place the wire and a small portion of the diamond between two hardened surfaces, and under pressure roll them back and forth until thoroughly charged. In this case # 2 diamond is generally used. Or one can form the metal to any desired shape and apply the diamond and use a roll to force the diamond into the metal. This is then a file which will work hard steel. But the moment this diamond file, or lap, is crowded, it is stripped of the diamonds and is consequently of no use. It is to be used with comparatively light pressure. "
I suppose one can use worn-out industrial grade diamonds and cast-off engagement rings, also.
Happy pounding and lapping!
Wolfgang