I'm not generally a big fan of diamond-encrusted cell phones but I think the iPhone lends itself to the idea better than others because it's so sleek and has such a limited area where diamonds can be placed. Claiming to be the world's first real diamond-studded iPhone, the Apple iPhone 3G by Swiss jeweler Knalihs Athem is made with 475 brilliant cut diamonds totaling 3.75 carats. Only 50 iPhone 3G handsets will be created on a made-to-order basis, with the first 10 units being sold at the special price of $10,000. iPhones 11-50 will be priced "sharply upwards."
I'm not sure what that translates to exactly but it sounds like if you want one you better move fast.