What? Spongebob Squarepants and Russel Simmons hook up to create a line of  colour-diamond jewellery. The main piece, a 12-Carat Diamond-Encrusted SpongeBob Pendant in a one of a kind abstract box, will be auctioned off for charity.

Why? Because in 2009, Spongebob is celebrating his 10th anniversary.

Drive slow, homey:  Prices will range in from $150 to $75,000, so you might want to hang on to that homemade Spongebob necklace you've been wearing ever since the first issue of SuperSuper magazine came out.

But I want it now!  Worldwide release date: fall 2009. Official press image of the pendant in the box after the jump.