It has been revealed that rappers have been affected by the credit crunch, much like the average person in society.

Well known for their ‘bling-bling’, some musicians have fallen into debt, leading to them to make cheaper versions of watches and medallions that they commonly use as status symbols, according to the Wall Street Journal.

According to the celebrity watchmakers, some stars have even asked them to replace diamonds - so essential to the "icey" look paid tribute to in countless hip hop records - with fake cubic zirconias.

The ongoing recession has hit the rich and poor alike on both sides of the Atlantic. America - where most rappers are based - has suffered a contracting economy since 2007, while the UK officially entered recession at the end of 2008.

Jason Arasheben a Los Angeles based jeweller told the newspaper that: "A lot of these rappers simply don't have the money for real stuff anymore."

Entrepreneur and co-founder of Cash Money records, Bryan Williams - aka Birdman - admitted to the Wall Street Journal that "times are hard" for rappers. He said: "Ain't nobody rocking it like that anymore."

Fellow Cash Money mogul Slim Williams also suggested that some hip hop artists had been ripped off when they bought jewellery in the boom times prior to the credit crunch.

He said: "People think these big pieces [of jewellery] are blindin' but they be like D-quality diamonds and when you try and sell them you learn they ain't worth a thing."