If a gold ring is made of gold and a candy necklace is made of candy, why is a diamond ring made of metal and merely decorated with a diamond?

Apparently, this is a question that the Geneva-based jewelry company Shawish was grappling with. The result is the first-ever diamond ring actually made entirely of diamond. Not only is it made wholly of diamond, it's made of one whole diamond – much as an ice sculpture is a carved block of ice.

The diamond ring made of just diamond will weigh 150 carats (Nisim Palomo)

The ring won't be on the market until the end of 2012, but it's already copyrighted. The delay will give you plenty of time to start saving up. Reportedly, the ring will weigh 150 carats and will retail for a mere $70 million.

According to the Shawish website, the company tested the design many times in order to get the circle right using laser equipment to cut the diamond. "The most important aspect is preserving the integrity of the diamond and of course, the most difficult phase is precision cutting an entire stone into a ring," Shawish says.

While the concept of the ring is rather cool, it is more reminiscent of those plastic rings that come out of a claw machine or a ring-pop than it is of high-end jewelry. But if you leave the price tag hanging off your hand, the ring will probably elicit some oohs and ahhs.You can Subscribe to our blog via E-mail, or RSS, or join our social networks community on LinkedIn profile, LinkedIn group, Facebook profile, Facebook group and Twitter.