With the power to make a diamond with his bare hands
Double entendre here. Making a diamond requires intense pressure and temperature, so it’s quite a statement when Ye claims he is capable of doing this with bare hands. Also, this is a pun on how he makes the diamond gesture with his hands as seen in the picture above.
A third meaning could be that he can make a really good song (a diamond of a song) by himself because he produces and raps. Or at least referring to having a diamond record.
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