This article presents the successful consolidation of the mixed Co and Diamond powders for a drilling segment by the combined application of magnetic pulsed compaction (MPC) and subsequent sintering, and their properties were analyzed. Homogeneous hardness (Hv 220) and density (97%) of sintered bulks fabricated by MPC were obtained by the new technique, where higher pressure has been employed for short period of time than that of general process. A fine microstructure and homogeneous hardness in the consolidated bulk were observed without cracks. Relatively higher drilling speed of 9.61 cm/min and life time of 6.55 m were found to the MPCed specimens, whereas the value of the specimens fabricated by general process was 11.71 cm/min and 7.96 m, respectively. A substantial improvement of mechanical properties of segment was achieved through this study.