$1m gets you the world's most expensive cellphone

The most expensive mobile phone in the world - costing more than £500,000 - is being made in Austria. The phone, designed by luxury accessories maker Peter Aloisson, has sections of pure gold as well as 2,950 natural blue diamonds embedded into the cover.

Aloisson has for the past few years been taking existing phones and customising them with jewels and precious metals. "I knew that mobile phones would become part of daily life, and as with all things that are part of daily life, such as watches or tie pins, there should be luxury versions of them," he told CNN.

Aloisson currently produces about three phones per year, depending on orders from his celebrity and wealthy clients, mostly retailing for about £20,000. The new phone is a special order for a German manufacturer. Although the phone is being constructed for marketing purposes, it will eventually be sold off.