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Mainly used refering as joining the fandom of a k-pop boyband, SEVENTEEN (CARATs). Seventeen has made and used this phrase since debut in their song "Shining Diamond" and their fans use this phrase [all the time] since it is special to CARATs. Seventeen refers their fans as "[diamonds]", hence slipping into the [diamond life] means joining the fandom (carats) / being a fan of Seventeen.
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