Pop quiz. You were given $300,000 that you have to spend within a minute or lose every penny of it do you:

a) donate it to charity to feed thousands of starving children in Africa

b) add it to your Congressman's re-election fund

c) buy a phone

Wait did we say buy a phone? A single phone with a $300,000 price tag. Just the unit and no company stocks? Meet the Black DiamondWM5 Smartphone which is also an insanely expensive phone. Designed by Singaporean Jaren Goh and created by Swiss company VIPN, not much ios known about the publicity shy Black Diamond.

The ones that we heard about is that the Windows Mobile 5 device has a quadband GSM, WiFi, 128MB of memory with SD expansion, a 2-inch display, and a 400MHz XScale. The keypad is touch-sensitive and completely invisible when not lit. The skin is made of titanium alloy sprinkled with diamonds. (Minus the diamonds, the WM5 retails for as low as $100). The Black Diamond is also quite rare with only five units planned for production. Go ahead and indulge yourself with the Black Diamond. Your Congressman will be waiting for you in hell for letting those poor kids starve to death.

The Black Diamond concept was one of the most talked about designs (from Jaren Goh) for mobile phones because of its unusual and potential features. And it's darn stunning.

But Sony Ericsson won't be making this fantasy phone into reality as everyone had expected before; a company called VIPN will be making this phone. If this is to be taken seriously (they have pictures of the actual phone, people), the company is set to release the phone sometime next year.

The features of the Black Diamond phone are decent - Quad band with WiFi, an Intel 400Mhz processor running Windows Mobile 5, a 2-inch touch screen, a 128MB internal memory, and a 4-megapixel camera. Some of the materials used for this are Titane with Polycarbonate and (you guessed it!) diamonds.

Unfortunately (or fortunately), there will only be five numbered pieces in Limited Edition to be sold, each one costs a hefty $300,000. Yup, that much. Well, they did say realizing fantasies could be expensive.