To celebrate SpongeBob SquarePants 10th anniversary, jewelry designer Russell Simmons has created an astounding piece of luxury jewelry.

Say hello to the SpongeBob SquarePants diamond pendant.  Weighing in at 12-carats total, this diamond-encrusted pendant will be making its debut at the 2009 Film Festival Park City, Utah and will later be sold at auction for the Diamond Empowerment Fund.

Pretty snazzy, huh?