I wanted to carve my logo/initial on the hard steel tools I sometimes lend to students. For $50 you can get a spring-loaded diamond engraving tip. This item was reduced to $10 so I thought I'd give it a try. The CNC machine has a spring-loaded anti-backlash nut, so this spring can be used for a horizontal surface to apply moderate pressure. I don't twist the chisel, I use it like a chisel. At this point, after about 20 initial engravings, the diamond is still there, still working to initialize the hardened steel. If it breaks I'll probably buy a suitable spring diamond drill bit.
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