First, create a new image 300x300 pixels size and write any black text on the white beckground:

Now rasterize our layer by clicking right mouse:

Holding CTRL click on the text to select it. Then use Gradient tool: foreground  - light grey; and background  - dark grey:

Then select Edit > Stroke and set parametres as shown below:

Now Select > Modify > Contract: 

Now change the color of our text as show on the image below:

Now again use Stroke:

Create a new layer Layer > New layer using Gradient tool one more time:

Now we have to use Gradient tool fill our selected object. Then with circle selection delete unnecessary part of our text and do Select > Inverse. And the last step - add Drop shadow :)

Create new image with black background and then write DIAMONDS with white color.

Download diamond effect here -> diamonds.asl (2.16 kb) Then open Styles Palette and apply new effect to our text. Then do mouse's right clic and choose Blending Options, then Pattern and Gradient See images below to adjust parametres:

Add some twinkling to our text and it is ready!