Businessman buys $15 million black diamond iPhone 5

A businessman from Hong Kong commissioned craftsman Stuart Hughes to help him show off a rare black diamond that belonged to his family.

The Chinese businessman, identified only as "Joe," contacted Hughes 18 months ago after seeing his gold work for other iPhones. Hughes spent nine weeks creating the solid gold chassis of an iPhone 5 and then placed the black diamond as the home button.

Hughes' website reveals this iPhone includes 600 flawless white diamonds, a full solid gold dressing and 53 diamonds on the rear that make up the Apple logo. He says this phone is "the most expensive phone in the world."

The appraisal Joe had done on the black diamond put its value at approximately $14.5 million, and Hughes told CNN that one of the solid gold handsets with the diamonds that he crafts is worth approximately $153,000.

Hughes, 42, is known for making expensive luxury items, including an iPad made of solid gold. He set a record in 2011 for crafting an iPhone 4S with 500 diamonds totaling more than 100 carats. That phone had an estimated value of $9 million.