The paper presents research results on the enhancement of diamond composites designed for tools application for mining industry, hard rocks cutting, able to withstand harsh conditions under heavy dynamical loads. In the present study, both CrB 2 micropowder and VN nanopowder additives were used in proportions up to 5 wt.% and 6 wt.%, respectively, together with the basic matrix composition of 51 wt.% Fe, 32 wt.% Cu, 9 wt.% Ni, and 8 wt.% Sn. Addition of both components, CrB 2 and VN, appeared to be advantageous in proportion of 2 wt.% and 4 wt.%, respectively. This composition exhibited the highest relative density of 0.9968, better than that without additives. Similarly, the highest values of compressive strength R cm and flexural strength R bm were reached for the composite with the same percentage of CrB 2 and VN. Compared to the composite with no addition of CrB 2 and VN, R cm improved by almost 70%, while R bm by 81%. Additionally, the abovementioned additives enhanced the ability of the matrix to prevent the diamond reinforcement from being torn out of the composite, which is very important under harsh working conditions of the cutting tools. The presence of CrB 2 micropowder and VN nanopowder promoted densification of the matrix and adhesion between the diamond grits and the Fe-Cu-Ni-Sn matrix.