Green’s Dictionary of Slang

iced adj.2

also iced down, iced out
[ice n.1 (3)]

(US) wearing (diamond) jewellery; also of jewellery, diamond-encrusted.

[US]R. Chandler Playback 147: The dolled-up and well-iced woman called Margo West.
Real Live ‘Turnaround’ 🎵 Gots to be top-notch, iced-out Movado.
[US]Source Nov. 74: In Rapper X’s latest video he has it all: a convertible Mercedes, a helicopter, women, iced-down Rolex, etc.
[US]Source Aug. 139: Let’s go get Guccied out, iced-out.
[US]Eble Campus Sl. Nov. 4: iced out – wearing flashy, gaudy jewelry.
J. Cole ‘Chaining Day’ 🎵 Iced-out crazy, I wanna shine like Baby.
[UK]G. Krauze What They Was 74: I go and get myself some iced-out grillz: two white gold teeth set with diamonds on eoither side of my front teeth.