We will be crating this:

1.Create new document make it 500X200, Black as your Background, White as Foreground.
2.Type your text (I used AuntBertha font at 170 Pt)



3.Ctrl click on the text layer in order to bring your text's selection
4. Without deselecting, create a new layer above your text layer and name it Golden text.



5. Select the Gradient Tool (G) than press D (to rest foreground\background colors to default), and make a gradient like this: (begin at the top of your text & go down)





6.Deselect (Ctrl+D). Filters -> Render -> Lighting Effect and use these settings:





7. Image -> Curves





8. Now we shall give the text a proper color, go Image -> Adj's -> Hue\Saturation (Ctrl+U) and enter the following settings:





9. Now we are done with the golden text and it is time for the diamonds.
Create new layer call it diamonds next step is going Select -> Modify -> Contract (now, the size depend on font size etc...play with it)
I used 5 Px.
10.Fill the selection with White,deselect and go to Filter -> Noise -> Add Noise



11. Layer Style -> Bevel & Emboss:





12. We're almost done – time for the final touch. Select your Brush Tool (B) and choose "Assorted Brushes". Roll until you'll see brush number 50:



13. Select brush number 50:



14.Create a new layer, and make sure your foreground color is White. Now with your brush click on the spots you want to "bling";