I tried Material Map in Octane Standalone but it didn't work the way I wanted. The solution of exploding is definitely can work. I was just little curious about why this could be working in vray. May be because, the vray core can assign separate materials to each individual instance? Is that something, in near future Octane Standalone could also do? Thank you once again for your support. Its highly appreciated.
The answer is....it is possible - but would require some re-jigging of the nodes. In summary, there would be Mesh Node with the diamond geometry, plugged into 4 separate Material Maps (each with their respective diamonds Octane material plugged in), and they would be plugged into four Scatter Nodes, each with one transform (to position the diamond according to the block instance position), and the scatter nodes would plugin to a geometry group.
This is quite different to how the plugin works now. In the long-term I will look if there is a way to automate this in the plugin, however given the ease with which you can get the same result now by exploding the instances, it will be a lower priority than a bunch of other mods I have planned.
Paul