Cut diamonds - cut diamonds? (3)
I believe the answer is:
ice
'diamonds?' is the definition.
(slang term for diamonds)
I don't understand the rest of the clue.
Can you help me to learn more?
(Other definitions for ice that I've seen before include "A state of water" , "Cooler" , "Block" , "Diamonds (slang)" , "Constituent of 2dn" .)