If the granite company you are using doesn't know what a diamond drill bit or coring bit is, or thinks a carbide bit is a better idea, then they are not fabricators. They may be tile setters doing a granite job for you.
I am going to repost the section on coring small diameter holes in granite. Here it is, and this should take care of that issue.
Yes it does. Now I know a core bit will not work as you are not going through the material. The only thing problematic about this is the hole size, but based on your application description you should get a 1/4" wet non core drill (think Forster bit), which we stock. You can run it on a wet polisher and it will drill your holes into the stone leaving a cylindrical hole. then allow the stone to dry before epoxying in your rod. It is listed with our core bits but it has a plugged end so it is really a noncoring bit for granite. See this link:
http://www.defusco.com/14%E2%80%9D-wet-diamond-stone-core-bit-p-1400.htmlWhen you have cored your hole and you install your anchor I would seal the heck out of it with silicone caulk to prevent water seeping through and creating mold underneath. You can use that for this application for the part of the rail that is going to be suspended from the granite, and as long as your anchor is strong enough for the piece it should be no problem.
As far as the part going through the drywall, I am no expert on drywall, but I think you should find a stud behind the drywall to set the anchor to. The reason is that if people pull on this or you hang stuff on it then it will be acted on by an occasional force and the result will be that the anchor eventually could pull out of the drywall.
On the granite side, a 1/4" screw in a lag style anchor is probably rated at 30 or 50 pounds which would be ideal for this application.
If you have any other questions please call me at 800-289-6834.
Glad to be of service,
Mark