In a piece of news that can easily fall into the "how to waste a lot of money" category, we now present you the latest luxury edition of Nokia 8800 Arte, dubbed "Nokia 8800 Arte Pink", which comes after less than two weeks since another luxurious Nokia 8800 was unveiled (the Heyerdahl Diamond Edition).

Created by Peter Aloisson, the famous Austrian jeweler, the new Nokia 8800 Arte Pink is dressed in 18k white gold, plus more than 680 white and pink diamonds of the "best quality". These "tiny" details set the price of the phone no higher than 85,000 Euros - the equivalent of about $131,650.

If stripped of diamonds and gold, the new handset is actually not at all new, being the same 8800 Arte that was released by Nokia at the end of 2007. This means that the pink diamond-studded 8800 has the following features: a 2 inch scratch-resistant display with 16 million colors and 240 x 320 pixels, a 3.15 Megapixel camera with auto focus and video, Music player, Web and email capabilities, 3G connectivity (only UMTS 2100), Bluetooth 2.0, handsfree, microUSB, T9 predictive text input, voice memo and 1GB of non-expandable memory.

Besides the 8800 Arte, Peter Aloisson has created luxury editions for other three Nokia devices: E65, N76 and the E90 Communicator. Moreover, the Austrian jeweler also crafted expensive outfits for Motorola and Sony Ericsson and, of course, for Apple's iPhone - which is present in about all the luxury line-ups of mobile devices out there.

Back to the pink 8800 Arte, those who are interested in getting it should know that, with $131,000, they can buy about 260 Nokia N78 handsets or entry-level cell phones for the entire population of a small town. Now that's what I call being rich.