As a rule, stuff that retails for $499 should not be embellished with 17.75 carats of diamonds, set in 18k white gold and then priced at $176,400. Nonetheless, Peter Aloisson has done exactly that to create the Aloisson designed iPhone. The treatment makes it the most expensive iPhone in the handset's relatively short history. That's great and all, but even if you do have more money than I have vacant aerial hair follicles, don't do it—save your dignity. Paris! Save your dig—hmm, that'd be a pointless plea. Catch another shot after the jump.