I thought I'd give this a DIY thread as I'm so impressed with the results! I will never get a diamond cut wheel refurbed again.
I used Halfords emery paper kit, first the medium grade and then the fine, always going in the same direction, until you can't see the damage anymore (if there's some really deep nicks then you might just have to reduce their visual appearance).
You then want to rub down the repaired area and a couple of inches around it with 800 grit wet & dry so you can blend the new lacquer in with the old. Clean thoroughly with 70% IPA before spray lacquering with alloy wheel lacquer, I used the E Tech one on Amazon.
First do a light 'tack' coat, then build up around 3 more coats every 15 minutes then leave for at least 24-48 hours to fully dry before wet sanding with 2000 then 3000 grit and finally buff to a shine with Meguiars Ultimate Compound. Leave at least a week before sealing, so all the gases can escape.
Temperature is also important, you want the wheel and spray can to be at least 20°C throughout the spraying and at least a couple of hours into the drying process.
If you look closely you can see where the repaired area is a slightly different colour, but you would have to be looking for it.
Before and after:
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