In spite of bleak economic times, an iPhone with a hefty $2.5 million price tag has been rolled out, making it the most expensive cell phone in the world.

Austrian jeweler Peter Aloisson has created the Kings Button -- the world's most expensive and the only bedazzled iPhone 3G phone.

The iPhone is made of solid 18-carat yellow gold, white gold, and rose gold, according to Aloisson's website.

The white gold line is encrusted with a total of 138 brilliant cut diamonds of the best quality.

The iPhone features are the exact same, the only difference is that, for some, it may be prettier to look.

The estimated value for this King Button? $2,517,345.

Aloisson has also jeweled up several other handsets like the Motorola Krzr, Sony Ericsson T68, Nokia 8800, Nokia E65 and also other iPhones are in the making. All the prices for these handsets are upon request.

For more photos of these handsets, visit Aloisson's website here.