Or the Diamond District, with Jacob the Jeweler
Had to buy his watch to be looked at as cooler

from Joe Budden – Who killed Hip Hop Lyrics on Rap Genius

Meaning

The Diamond District (an area in NYC) is one of the primary centers of the global diamond industry, as well as the premier center for jewelry shopping in the city.

And she’ll meet Jacob the Jeweler:

Like 50 Cent say in Get In My Car
Jacob Arabo’s name has been mentioned in many songs, there is a list on his Wiki

He has since been convicted in a money laundering scheme with The Black Mafia Family.

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