The Rice University Neologisms Database

Etymology : This word has undergone metaphorical shift. The resemblance between sparkly jewelry and ICE is the reflective nature of ice. Originally, the shift of the meaning of ICE referred specifically to diamonds, but it now refers to essentially any jewelry, though is typically limited to jewelry with gems. This word has essentially undergone two shifts: one from ice (frozen water) to ice (diamonds), the second from ice (diamonds) to ice (jewelry). The first shift showed neither widening nor narrowing, instead replacing one meaning with another. Arguably, the first shift witnessed amelioration as diamonds are typically more desirable than ice. The second shift witnessed widening as the word changed from referring specifically to diamonds to the superset of diamonds, jewelry.