There are three main areas to cover when setting up the lights: applying a Physical Light Shader, converting the point light to a Mental Ray Area Light, and turning on Emit Photons.
Since the diamond is using a physically accurate dielectric material, a Physical Light shader is applied to the main light. This shader simulates the natural fall off, or decay of a light. To attach the Physical Light node, select the light and scroll down to the Mental Ray section, Custom Shaders section. Click on the add texture button next to the Light Shader field. A Create Render Node window will appear. Scroll down to the Lights section and select the Physical_light node. The Attribute Editor will switch to display the Physical_light settings. The default values are fine.
Area lights emit light from within a space defined by its shape. This produces a more accurate model for the light and softens the effect of raytraced shadows. To convert the Point Light into an Area Light, select the light again, and scroll down to the Area Light section in the Mental Ray section. Check Area Light. The default Rectangle Type and Sampling is used. Low Level is initially set to 3 to speed up rendering of shadows, but set back to 0 when final rendering. Also, area lights have direction, and need to be rotated to point at the object.
To enable Photon Emission, turn of Emit Photons in the Light’s Caustics and Global Illumination section of the Mental Ray section. Default values are used initially and then adjusted after test rendering.
The scene is now set up and ready to render. The last step is to turn on the Global Illumination and Final Gather. Turning Final Gather Rays down to 100 and rendering with the rest of the settings at their default value produces the following: