Infiltration is an extensively used technique in the production of Diamond Impregnated Bits (DIBs) commonly used for drilling in both mineral exploration and the Oil&Gas industry. This paper describes research into liquid phase sintering (LPS) as an alternative to commonly used infiltration processes. The great wear resistance and high cutting ability necessary for these tools in turn requires a high diamond concentration and a large volume fraction of wear-resistant components, such as tungsten carbide and/or eutectic tungsten carbide particles. With relatively large particles that do not contribute to densification, the LPS system researched was designed with a relatively large amount of permanent liquid phase sintering, with, rearrangement being selected as the primary densification mechanism owing to the stability of the hard phases. After testing various binder phases and evaluating the influence of the liquid phase volume fraction and presence of some sintering aids, results are promising. Bonds with better sintering behaviour were characterized, while hardness, microstructure, abrasive wear resistance, and interaction with diamonds were studied. The proposed 35NiP25Cu40WC bond processed by LPS attained hardness of 66 HRA and wear coefficient of 20 mm3/MPa, levels similar to those obtained by hot pressed components currently used in the diamond drilling tool industry (19 mm3/MPa).