Both this remix and the original were singles from Kanye’s Late Registration album. Kanye uses the remix to go into more detail on “conflict diamonds”: diamonds which are mined during a war and used to finance an invading army.
Meanwhile, Jay-Z steers clear of politics and uses his verse to rap about how awesome he and his record label are.
Appropriately, the beat contains a sample from the theme song of the James Bond film Diamonds are Forever by Shirley Bassey.