My success with diamond sharpening, honing etc. using water as a lubricant has been very minimal. Actually to the point of discarding and going back to the natural and carborundum type stones. After purchasing several diamond sharpeners over the past few years and thinking they were used up, I decided to buy just one more. At the website a lubricant was offered for about $10.00 per ounce. Hmmmm, must be good stuff. Then I remembered that Kerosene is used to soak the natural stones which dislodges the metal grit residue from sharpening and cleans them.
WOW !! I tried it on a couple of my old sharperners and they weren't worn out at all just clogged up. A small drop of Kerosene works wonders. Commonly used as fuel in space heaters it is also very inexpensive and readily available, WalMart, Lowe's etc.
If you have other suggestions or comments, I would like to hear from you. Thanks and Happy Turning.