Frequency standards based on atomic states, such as Rb or Cs vapors, or single-trapped ions, are the most precise measures of time. Here we propose and analyze a precision oscillator approach based upon spins in a solid-state system, in particular, the nitrogen-vacancy defect in single-crystal diamond. We show that this system can have stability approaching portable atomic standards and is readily incorporable as a chip-scale device. Using a pulsed spin-echo technique, we anticipate an Allan deviation of σ y = 10 −7 τ −1/2 limited by thermally-induced strain variations; in the absence of such thermal fluctuations, the system is limited by spin dephasing and harbors an Allan deviation nearing ∼ 10 −12 τ −1/2 . Potential improvements based upon advanced diamond material processing, temperature stabilization, and nanophotonic engineering are discussed.