Ab initio theory of N₂V defect as quantum memory in diamond

$\text{N}_{2}\text{V}$ defect in diamond is characterized by means of \emph{ab initio} methods relying on density functional theory calculated parameters of a Hubbard model Hamiltonian. It is shown that this approach appropriately describes the energy levels of correlated excited states induced by this defect. By determining its critical magneto-optical parameters, we propose to realize a long-living quantum memory by $\text{N}_{2}\text{V}$ defect in diamond.