This paper is aimed at developing an efficient process, in terms of the material removal rate (MRR), for the lapping of polycrystalline diamond compact (PDC). A carbomer based viscoelastic vehicle with a non-reversible shear-thinning property was first developed for the effective suspension of diamond grits used for lapping. The effects of key process parameters on the MRR such as lapping pressure, speed, vehicle concentration, diamond grit concentration, and vehicle flow rate have been investigated through experiments. To obtain an insight into what happened to the diamond grits during lapping, diamond abrasives were reclaimed and sieved after lapping. The grit size distributions of diamond abrasives before and after the lapping were then compared.