DIAMONDS AND CASH was first teased on Kevin Abstract’s Twitter account on July 15, 2021 in a promotional video for Abstract’s VIDEO STORE S/S clothing collection drop. The song title was revealed in another snippet, posted to Twitter on July 26.

Lil Yachty was confirmed to be featured on the song on September 29, 2021, over 2 months after the song was first previewed. Abstract tweeted a message urging fans to watch the then-newest episode of Yachty’s YouTube vlog show, The Boat Show, stating that their collaboration was featured in it. The song was heard in the background of the episode and served as another snippet.