Here's a little Diddy -- make that two little Diddies.

Sean "Diddy" Combs and longtime girlfriend Kim Porter show off their newborn identical twins, Jessie James and D'Lila Star Combs -- in the latest issue of People magazine.

Combs, known for his flashy fashion choices, tells the mag he's already spoiling his 7-week-old girls with bling.

"I bought them their first pair of diamond earrings. Tiny Tiffany diamonds for babies," Combs said.

"If they're not into fashion, that's cool," Combs said. "But I think they will be."

In another photo, the mogul and the model look the perfect family -- with a beaming Combs resting his head on Kim's shoulder, cozied up in front of a fireplace in their home. They're each cuddling one of the sleeping babies, who have full heads of hair and bear a striking resemblance to their mom.

Combs, who flew to New York from a Toronto movie set on a private jet for the Dec. 21 births, says he can tell the girls apart because Jessie, named after his grandmother, is "always smiling" and D'Lila, named after Porter's grandmother, is "loud and fiery."

Although Diddy has become a doting daddy, it hasn't stopped him from running his hip-hop empire.

"I hold [the twins] like a football," Combs quipped. "That way, if the phone rings, I don't have to put them down. I'm able to take the call."

The couple, who have dated on and off since 1994, met when Porter was working as a receptionist at Uptown Records. In 1998, they broke up and Combs dated Jennifer Lopez for the next two years. In 2001, things got even uglier when Porter took Combs to court to increase his child-support payments for their son, and won.

Still, Combs insists, he was "always in love with Kim."

The two, who are not married, have a son together, Christian, 8.

Combs, 37, also has a son, Justin, 13, from a previous relationship, and Porter, 36, has a son, Quincy, 15, with her ex-boyfriend, R&B crooner Al B Sure.