This tutorial will show you in detailed step by step instruction on how to make a realistic bling bling gold and diamond text.

Step 1

Start a new document. for now, we will fill the background with black, so our text will standout more and easier to work with.Now create your text, in white. 

Step 2 

Now apply the following layer styles to the text (Layer->Layer style): Bevel and Emboss, Gradient Overlay

Step 3 

Now CTRL+CLICK on your text layer to make a selection of it. (for Photoshop CS, you need to CTRL+CLICK on the icon of layer in the layers pallete)

Then go to Select->Modify->Contract. and enter 5 pixels. DO NOT DESELECT YET!

Step 4

Now create a NEW LAYER, and fill it with WHITE. Then go to Filter->Noise->Add Noise, for amount, set: 40%, Distribution: Gaussian, and monochromatic checked. after that, press CTRL+F twice to reapply the filter. DO NOT DESELECT YET!

Step 5

Now go to Filter->Noise->Dust & Scratches. Radius: 1, Threshold: 130
(Note, you will need to play with the threshold setting, you may not want to use the same setting as mine).

Then go to: Filter->Stylize->Emboss: Height: 3, Amount: 130%

This is too dark now, so lets brighten it up again: go to: Image->Adjustments->Brightness/Contrast:
Move the brightness slider over to about: +70, and the contrast to about -20.

Now you can press CTRL+D to deselect.

Step 6 

Now apply the following layer styles to this top (noise) layer.

Bevel and Emboss, Inner Shadow.

To add some shines to it, CREATE A NEW LAYER, select the brush tool, set to 3px hard brush,and draw a X on the new layer, in WHITE, then, set your brush size to 27px SOFT EDGE brush, and stamp a circle in the middle of the X.

Step 7 

Now just get the eraser with a SOFT Edge brush, and erase out the the ends of the X (cross) to make a fade effect. Now just duplicate that star and put it on your text.

Step 8 

This one is simply a different gradient (step 2) applied to the original text layer.

Fisnish