Mouawad announced its Mouawad 1001 Nights Diamond Purse. With a value of $3.8 million, the purse is the most valuable handbag in the world according to Guinness World Records. The heart-shaped purse, handcrafted from 18kt gold, incorporates 4,517 diamonds (105 yellow, 56 pink and 4,356 colorless) with a total weight of 381.92 carats.

Fred Mouawad, co-guardian of the House of Mouawad, says 10 craftsmen worked continuously over a period of four months and for a total of 1,100 hours to create the extravagant purse.