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Ahh, diamond engraving machine, how could I oversee that, I've used it for wedding bands i Ti and other hard non hand engraveable metals.
I'd still go for the laser thou!

Some lasers use a colored paste they burn to the metal, much like a laser printer, others can "eat" metal.
If the college's insignia has some colors in it maybe that's the way to go.
Please give us...

Hand engraving a straight wont work, it's hardened steel, the metal in guns are much softer.
I would go for laser engraving!

(Thou Lyndsey is one of my engraving heros, damn he's good!)