Only reason that you make it rain is ‘cause your diamonds cloudy
Diamonds that are cloudy are low in clarity and are thus much cheaper. Talib is essentially saying that rappers who are constantly rapping about spending money are monopolizing over a cheap and counterfeited style.
A cheap rapper (clouds) are the first sign that a trashy club hit is about to come on (making it rain).
He’s also possibly saying that the only reason they “make it rain” in the club, is because they saved money on their jewelry by buying shitty diamonds
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