Million dollar iPhone hits market

Million dollar iPhone by Alchemist (Courtesy of Alchemist)

Million dollar iPhone by Alchemist (Courtesy of Alchemist)


, Last Updated: 5:18 PM ET

A very limited edition of customized iPhones priced at a staggering $1 million has just been launched by luxury goods group Alchemist London.

Featuring 700 crystals, the fully-functioning iPhones are encased in 24-carat gold handmade casing. The main navigation button at the base of the design holds a single cut two-carat diamond and the Apple logo on the rear is also fabricated from 53 diamonds.

Only four of the extremely limited edition super-bling designs have been made -- two iPhone 5 models and two iPhone 5S models. Alchemist, a luxury boutique known for its extravagant creations, referred to the seven-month creative process as "a challenge of epic aesthetic and technical proportions."

Although the price tag might seem incredible, this is not actually the most expensive iPhone to have hit the market. In 2013, Liverpool-based luxury goods company Stuart Hughes was commissioned to create a gold and diamond iPhone reputed to have cost almost $15 million.

To register your interest in Alchemist's design, see