Gold mining baron Tony Sage has just recently plunked down a cool $8 million diamond encrusted iPhone 4. This extravagant iPhone was recreated by British designer Stuart Hughes whose main business focus is the remake of expensive gadgets into even more expensive gadgets. Only 2 of these iPhones were produced by him.

500 flawless individual diamonds surround the  iPhone 4 Diamond Rose which add up to a  whopping 100 total carat weight with another 53 providing the decor on the rear. And, if that wasn’t enough for you, the navigation button was replaced with a single 7.40 carat pink diamond set in platinum.

My only hope for this phone is that at this price it better not drop calls whatsoever! Do you think the diamonds would help with the reception?