Depends on the size of the diamond. More specifically, the height of the girdle. The characters inscribed are scaled to some extent to the size of the girdle. So a 2ct you should be able to read the inscription with 10x, but a .30 you may need 15 or 20x.
It also depends on whether the stone has ever been steam cleaned. A freshly inscribed diamond has black letters from some residual vaporized carbon from the laser. So the contrast makes it easier to read. After cleaning the inscription is basically just relief against the mirror finish of the girdle facet, making it more difficult to see.
The problem with using a higher power loupe is that the focal range is really small so you have to keep very steady hand and hone in on just the right focal plane.
A faceted girdle adds an additional element of difficulty.
If you have really good vision, most inscriptions may be read with 10X. With my old eyes, I find a 20x or 30x loupe very helpful, especially when I don't have a microscope available. I often use my 30x loupe as if it was a tiny microscope for spotting very small inclusions and minute details. Most consumers need 20x or 30x to really see laser inscriptions. High power loupes are not easy to use, but with a bit of practice and a steady hand, they work just fine.
The key is getting the diamond oriented so that the light is reflected off the specific spot on the girdle that carries the inscription.
I'm with David Old Eyes- I pull out the microscope if I can't find it within a few moments at 10X