The most expensive iPhone 5- embedded with a rare black diamond has beed created by Stuart Hughes, known for crafting luxury Apple devices covered in precious metals and encrusted with rare stones. News has it that a Chinese businessman, the owner of the black diamond, contacted Stuart Hughes about his gold iPhones, and commissioned the handset. The Black Diamond iPhone 5 is priced at a whopping $15 million.

Apparently, it took nine weeks to re-create the chassis of the iPhone 5 in solid gold, and the complete handset has been finished by hand. The single, flawless, deep cut black diamond weighs in at 26 cts and aptly replaces the home button of the smartphone. The chassis is inlaid with approximately 600 white flawless diamonds with full gold dressing on the back. It has about 135 grams of 24ct gold and a sapphire glass set in the screen. The back also has the Apple logo showing off 53 flawless diamonds.

This isn’t the first time that the iPhone 5 has got such luxurious treatment. We have seen Hughes create the limited-edition (100 units) iPhone 5 decked in 18-carat gold and gold and diamond finishing. It also boasts of a diamond studded Apple logo. We have seen Apple’s iPad too flaunt not only precious stones and metals but also a T-REX's thigh bone and a 75-million year old rock. It was called the world’s most expensive iPad 2 dubbed History Edition built with 2kgs of gold and several diamonds.

In the meanwhile, here is a quick look at the specifications of the iPhone 5:

• 4-inch, 326ppi Retina display at 1136 x 640 pixels
• GPRS, EDGE, EV-DO, HSPA, HSPA+, DC-HSDPA, LTE and Wi-Fi
• GPS
• Bluetooth
• 8 megapixel camera with 1080p HD recording, 720p front-facing camera
• 16GB, 32GB and 64GB versions

While all this looks and sounds fancy, If you'd had $15 million to throw away would you ever buy such a device?