 In the song, Baez recounts an out-of-the-blue phone call from an old lover, which sends her a decade back in time, to a "crummy" hotel in Greenwich Village in about 1964 or 1965; she recalls giving him a pair of cufflinks, and summarizes that memories bring "diamonds and rust".Baez has stated that the lyrics refer to her relationship with Bob Dylan.The song, which was a top-40 hit for Baez on the U.S. pop singles chart, is regarded by a number of critics, as well as by Baez fans, as one of her best compositions.