At £520 ($800) the iPhone 5 is far too cheap for one Chinese businessman, who has had a £10m ($15m) phone created by British luxury goods designer Stuart Hughes.

iPhone 5 black diamond
The £10m iPhone 5 has a 26ct black diamond worth £9m alone.

The solid gold iPhone 5 took nine weeks to create and features 600 white diamonds around the edge of its chassis, 135g of 24 carat gold and the Home button has been replaced by a single black diamond weighing 26 carats and worth £9m ($14.5m) on its own.

There are a further 53 diamonds making up the Apple logo on the back of the device, which is considered the world's most expensive phone.

The unnamed Chinese businessman met Hughes in Liverpool where he presented the designer with his black diamond, which he had owned for some time.

Hughes also replaced the iPhone's glass front with Sapphire glass, which is used by Apple for its camera lens but is considered too expensive to be used for larger components.

The designer, who has also created gold iPads, laptops and a one-off €500,000 Fiat 500, is willing to create another iPhone 5 Black Diamond for £10m.

Beneath the multi-million pound exterior the iPhone 5 Black Diamond remains unchanged, with the same 8-megapixel camera, 4in Retina display and dual-core processor from the regular Apple phone.

If anyone is looking for a cheaper iPhone 5, Hughes will make you a solid gold version without the diamonds for £22,000, while a gold iPad will set you back £130,000 for the 64GB version.