The Institute for Superhard Materials (ISM) was established in Kiev in 1961 on the basis of the Central Technological Bureau of carbide tools and its Pilot plant with the aim to develop a process of commercial synthesis of diamond and other superhard materials (SHM) and tools made of them.
In 1972 the Institute together with its Special Design Bureau and Pilot Plant was incorporated into the UkrSSR Academy of Sciences. The Institute's first director and founder V.N. Bakul, Dr. Sci. (Eng.), Hero of Socialist Labor (1908-1978), was one of the first organizers of commercial production of synthetic diamond in the USSR. In 1990 the ISM was named after V.N. Bakul. Since 1977 the Institute is headed by Prof. Nickolay V. Novikov, Member of the National Academy of Sciences of Ukraine.
At present the Institute is a leading organization of the Science and Technology Diamond Concern ALCON that incorporates 15 institutions.

	On the 22nd International Conference for Peace and Cooperation (Addis Ababa, Ethiopia, 1982) the Institute for Superhard Materials was awarded the Golden Mercury International Prize.
		In April 1998 at the 23rd Arch of Europe Ceremony held in Madrid, the Arch of Europe Gold Star Award was presented to the Science and Technology Diamond Concern ALCON for immeasurable contribution to the business world, for high standing and professionalism demonstrated by prestigious performance.

Professional staff. Total 627 employees includes 230 scientific workers, two Members and two Corresponding Members of the of the National Academy of Sciences of Ukraine, five professors, 24 doctors and 124 candidates of sciences. The Institute incorporates 14 research departments and laboratories.