Mardi Gras beads around my neck (neck), invisible set
Pull-outs (pull-outs!) diamonds on my mouth (BLING)
Mardi Gras is a celebration which owns the tradition of throwing brightly colored beads at the audience. He compares their traditional beads to his own diamonds because they both shine bright
Having the diamonds invisibly set refers to having the metal unable to show; this alludes to the chain he’s wearing or the diamond grillz he rocks.
The grillz aren’t permanent though, as he has the ability to pull them out.
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