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Mouawad's 1001 Nights Diamond Purse
Fadi Al-assaad  /  Reuters
Mouawad's "1001 Nights Diamond Purse" was on display at the Doha Jewellery and Watches Exhibition on Feb. 20, and has set a record as the world's most expensive handbag.
TODAY.com
updated 2/23/2011 7:34:22 AM ET 2011-02-23T12:34:22

If diamonds are a girl’s best friend, then there will be few women in the world who won’t swoon over this handbag. Crowned by the Guinness Book of World Records as the world’s most expensive, the "1001 Nights Diamond Purse" is valued at $3.8 million.

The heart-shaped bag is encrusted with more than 4,517 diamonds  – 105 yellow, 56 pink and 4,356 colorless. The diamonds on the bag weigh a whopping total of 381.92 carats.

“The Mouawad 1001 Nights Diamond Purse is designed to mesmerize with its lavish attention to detail and elaborate workmanship incorporating thousands of diamonds,” said Pascal Mouawad, co-guardian of the House of Mouawad, which was founded in 1890.

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The bag was handcrafted from 18-carat gold. It took 10 artisans, working over a period of four months, an incredible 1,100 hours to create the purse.

But this isn’t the first time that Dubai-based designer Mouawad has gone out on a limb with its diamond creations. The Dubai-based jewelry design house has created several bras made out of diamonds, including the Very Sexy Fantasy Bra for Victoria’s Secret.

The purse was on display at the Doha Jewellery and Watches Exhibition over the weekend of Feb. 20. There has been no word yet if anyone has bought the purse.

© 2012 MSNBC Interactive.  Reprints

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