A process for the production of hard materials wherein hard constituent powders are coated with cobalt and/or nickel metal in solution by reducing the metals from a suitable compound such as an oxide, hydroxide or salt with a polyol while keeping the powder in suspension. The polyol functions both as a solvent and a reducing agent at the same time and is present in an amount of at least 5 times more moles polyol than moles metal. There is obtained an even distribution of the cobalt and/or nickel over the surface of the hard constituent powder without the formation of islands of pure metal.