A company in South Korea has introduced diamond-encrusted credit cards for the VVIP clients.

GK Power has developed the high end luxury card which is studded with 1mm by 1.65mm diamonds into a silver rivet on a highly glossy black card.

The company has also produced another card which is embossed in gold and embedded with diamonds. It has tied up with Dubai First Bank to supply the card, called the Royal Legend, only to royal Middle Eastern families.

GK Power's president and chief executive Kim Sam-sun is quoted by The Independent newspaper saying: "VVIP customers want differentiation, and banks want to attract these big spenders."

While estimating that this year's sales of about $12 million will almost treble next year, he said: "There is always that top millionaire class anywhere, and that's the crowd we're initially aiming for."