Oxford English Dictionary recognizes another hip-hop term:

The venerable definitions resource has already added other hip-hop-turned-mainstream terms like "jiggy," "breakbeat," "dope" and "phat" to the online updates of the 20-volume dictionary, and now it has started drafting an entry for the latest OED-approved term, "bling bling."

The term, which is used to describe diamonds, jewelry and all forms of showy style, was coined by New Orleans rap family Cash Money Millionaires back in the late '90s and started gaining national awareness with a song titled "Bling Bling" by Cash Money artist BG. [MTV]

I also think it funny that hardcore rappers would be so into "diamonds, jewelry and all forms of showy style," things typically seen as feminine in our culture. "Don't be dissin' my bling bling or I'll pop a cap in yo' ass."