London & Los Angeles: In commemoration of the upcoming Beijing summer games, diamond jeweller De Vere's of London has unveiled its latest creation, the diamond-encrusted Beijing Olympic iPhone.

Made up of 88 diamonds set on the front metal bezel, the Diamond iPhone is designed to coincide with the opening day of the Olympics on August 8, a date that reads 08/08. More importantly, the number 88 also symbolizes wealth for the Chinese.

Ironically, wealth is probably what you'll need to own one of these exclusive diamond-studded iPhones. De Vere's charges a hefty $8,219  (Rs 3.5 lakh) for setting the white diamonds on the iPhone. Believe it or not, customers will still have to provide their own iPhone.

For those who have a bit more spare change in their pockets, De Vere's also offers a 168-diamond version of the Diamond iPhone for about $15,440 (Rs 6.6 lakh). Alternatively, you can opt for a 28-diamond version that will set you back, oh, a mere $3,365 (Rs 1.4 lakh).

Growing pains continue for Apple iPhone

Apple is experiencing serious pains with its launch of the new iPhone that went on sale two weeks ago.

It's not just that Apple can't satisfy demand for the phones. A new, longer procedure to activate the iPhone is making the in-store buying process much longer and keeping customers waiting in line and fuming for hours.

Along with the new, faster and cheaper iPhone, Apple introduced software called MobileMe, which has been fraught with problems more than 70 bugs have needed repair.