As I look down at my diamond encrusted piece
This line is directly tied into the previous line where he conflicted between making good music and making sub par music to appease his material gain.
Kanye looks down at his famous diamond-studded Jesus medallion and feels — ahem — conflicted (or, he could be referring to his golden necklace representing the Ancient Egyptian god Horus). Note the way he slurs “diamond” to sound like “dying man,” hinting at ol' Jesus.
Also, note that “looking down” on something can be an expression of condemnation. Kanye may be hinting that he finds much of his decadent behavior morally compromising.
“Piece” also refers to a handgun. His “diamond encrusted piece” is the epitome of power: it is a statement of wealth and of physical domination.
Iced-out weapons are very common among high-profile criminals such as Mexican drug lords.
Although he sometimes says “encrusted teeth” (at 3:10)
The interpretation of “piece” as referring to a handgun puts an interesting spin on the words of the hook that follow: “No one man should have all that power,” i.e. the power to take a life (one’s own or someone else’s).
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