Do I have to invest in new plugins for SG or can the native ones be updated for use in SG?
Hi @bjorn1 welcome to the Waves Forum 
Note that Native licenses can indeed be updated to newer v12 licenses which are fully supported with SG applications and native use as well.
Make sure the plug-ins are indeed SoundGrid compatible as on this page.
Note that licenses can be updated using your account online, by renewing the Waves Update Plan and update the licenses via the plan.
For more information or assistance, please contact our Tech Support team, which should be able to provide the proper steps according to your current licenses.
Still having problem installing Diamond Bundle - it’s activated but will
not install. Anyone?