Very simple but dramatic effects can be built simply by building a composite image.
Clouds are used twice in this image, once within the text to help create the diamond effect, and then again to create a moody sky effect. Also used are the lens flare filter and the gradient fill tool, along with layer styles on the text for bevel and shadow effects. 		   

Open a new document and click the text tool, shortcut (t).
Type the word(s)that you wish to apply the effect. Then with the layer still selected open layers menu-rasterise-type, to convert the text to bitmap.

Then command / control(pc) click the layer containing the text to select it all.
Now use the filters menu - render-clouds; which should achieve an effect similar to that shown.

Next it should start to look something like, using filters menu again go to distort-glass and a menu will appear. The texture should be changed to 'tiny lens', the distortion should be high, the smoothness very low, and the scaling around 55% or to your taste. Then click ok and watch the magic.
To achieve the gold set look you will need to play with the layer styles by double clicking on the layer when selected. Another set of menus will appear. The main thing you need is a stroke, quite thick and with a gradient fill (choose copper).Play with the stroke emboss in bevel options, and add a drop shadow if desired.

It is important now to delete the background layer. Then get a new adjustment layer from the layers menu. Choosing hue/saturation in the options and then click ok.
Then play with the controls to adjust the colour untill a satisfactory gold has been produced.

Then introduce a new background layer underneath all layers and fill it with the colour/s of your choice.
Then choose the filters-render-lighting effects and play until your heart is content of the many sparkly shiny bits you can add to make it seem like it came right outa brooklyn.