When I spit the diamonds in this song
I ain't talking about the ones that be glowing

from Kanye West (Ft. Jay Z) – Diamonds From Sierra Leone (Remix) Lyrics on Rap Genius

Meaning

Kanye does not mean shiny diamonds when he talks about diamonds here. He’s talking about, as he reveals in the next line, the Roc-a-Fella records “diamond sign”

Also talking about his rhymes, as they’re all jewels.

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