The Rice University Neologisms Database

Usually referring to diamonds or any expensive, flashy jewelry (necklaces, watches, rings); often used in conversation or song lyrics (‘he’s wearing a lot of ice’) Diamonds have similar shape and flashy jewelry glistens like ice cubes (frozen water) and most often heard in rap/hip hop culture and music. They have been referred to as ice indirectly in another reference in the movie, "How to lose a guy in 10 days" as "Frost yourself with these diamonds." Frost is made of ice crystals and is therefore making an analogy between frost made of ice, which has similar properties of diamonds.