Since we buy most of our dresses at Ann Taylor and the H&M clearance rack (let's be real), we're gaping a bit at the price tag of the so-called world's most expensive dress, which debuted at Ukraine Fashion Week recently.

British designer Debbie Wingham created the pricey frock using 50 two-carat black diamonds. It weighs a whopping 29 lbs.; 25 of the sparklers line the dress' peplum (so trendy!) while the others line the shoulder shrug. Wingham, who sewed the dress herself, calls the frock that costs £3.7 million (about $5.7 million) "an anthem for a beautiful woman who loves life."

The World Record Academy says that Wingham's dress set the World Record for Most Expensive Dress. As for other frocks, the world's most expensive cocktail dress has its own category, clocking in at $15 million with 85 diamonds. The most expensive prom dress costs about $14,000. But the real kicker: a few year ago Malaysian designer Faisol Abdullah designed a frock dubbed the "Nightingale of Kuala Lumpur" weighed down with $30 million worth of diamonds, which were arranged to spell out 'U MAD, BRO?'. (Fine, not really about the last part.)

The new Wingham dress certainly is gorg, despite being a wee bit heavy to lug down a red carpet. Still, we can think of one diva who'd probably be up to the challenge... paging Beyonce?

Scroll down to see Wingham's piece in all of its diamond glory. (The model slinks onto the catwalk at around 2:20 in the YouTube video.)

most expensive dress

They may not cost $5 million, but check out some of the wildest dresses ever...

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  • Jennifer Lopez, 2000 Grammys

    J.Lo's cut-down-to-there Versace gown sent shockwaves across America for redefining what cleavage means.  (WireImage photo)

  • Cher, 1986 Academy Awards

    Cher's infamous Oscar outfit is one of the most famous red-carpet look of all time. That head dress designed by Bob Mackie elevated award show fashion to a whole new level.  (Getty photo)

  • Rose McGowan, 1998 MTV Video Music Awards

    Tucked on the arm of Marilyn Manson, Rose made quite the entrance in this "dress" that consisted of a totally sheer front and a few threads dangling in the back.  (FilmMagic photo)

  • Lady Gaga, 2010 MTV Video Music Awards

    Lady Gaga's meat dress -- made of actual raw meat -- was all anyone could talk about for days after the award show. Success!  (Getty photo)

  • Carmen Electra, 1997 MTV Music Awards

    Electra's side-splitting gown bared her entire profile.  (Getty photo)

  • Elizabeth Hurley, 1994 'Four Weddings & A Funeral' Premiere

    Liz Hurley's famous safety-pin dress

  • Bjork, 2001 Academy Awards

    When the Icelandic singer appeared at the 2001 Academy Awards, the world let out a gasp and nobody breathed back in for...several years. The infamous swan dress will go down in history as the most shocking dress of all time.  (Getty photo)

  • Annie Lennox, 1995 Grammys

    The British singer actually realized that the Grammys were not themed in 1995 when she dressed up as Minnie Mouse. She knew exactly what she was doing.  (Getty photo)

  • Madonna, 1999 Grammys

    If Madonna was trying to channel a gothic geisha, she succeeded.  (Getty photo)

  • Pink, 2001 Billboard Music Awards

    The hair, the sheer, the gun show. The Pink. (Getty photo)

  • Rihanna, 2011 Grammys

    Rihanna took a bold move stepping out on the red carpet in a sheer Jean Paul Gaultier dress. The singer looked sexy and elegant, perhaps taking some notes on how not to suffer any wardrobe malfunctions from Andre Pejic who had worn the dress on the runway a month before. (Getty photo)

  • Nicki Minaj, 2012 Grammys

    Nicki Minaj arrived at the 2012 Grammys all decked out in Versace-themed pope gear. She even brought a date who was dressed as the actual pope! (Getty photo)

  • Janet Jackson, 2000 MTV Movie Awards

    Perhaps Janet Jackson was a really big fan of 'The Matrix.' Who knows... (Getty photo)

  • Lil' Kim, 2012 'Return Of The Queen' Tour

    Lil' Kim has always been known for her extravagant style, but that was in the 1990's! Well, Kim showed this year that she's still got it, appearing in a tiger-inspired ensemble for the start of her new tour. (Getty photo)

  • Toni Braxton, 2001 Grammys

    We don't know how the R&B superstar managed to go through the whole evening without exposing every part of her body. If there was ever any evening dress that took inspiration from the Princess Leia slave dress, it was this one. (Getty photo)

  • Uma Thurman, 2004 Academy Awards

    This dress has made almost every worst-dressed list since its debut in 2004. (Getty photo)

  • Bjork, 2000 Cannes

    Remember those table decorations at birthdays or 4th of July parties when you were younger? Well, that's kinda what Bjork looked like in this dress. (AP photo)

  • Margaret Cho, 2004 Grammys

    The actress, comedian, designer showed up at the 2004 Grammys in a peacock feather dress, complete with sheer side panels and a feathered collar. (Getty photo)

  • Katy Perry, 2011 Grammys

    The singer was feeling angelic at the 2011 Grammys, stepping out on the red carpet in a sparkly bra and white fabric which formed to create a floor-length gown complete with a train. Oh and she wore wings. (Getty photo)

  • Erin Wasson, 2012 InStyle Golden Globes After-Party

    We were hesitant to include Erin Wasson's outfit at the 2012 InStyle after-party because there really isn't enough fabric to classify this as a dress. In fact, Wasson looks as if she stepped out of a lake covered and seaweed and this is what stuck. (Getty photo)

  • Kim Basinger, 1990 Academy Awards

    Kim Basinger was probably thinking, robo-Cinderella with this look. (AP photo)

  • Demi Moore, 1989 Academy Awards

    Give Demi a cane, a matching leopard top hat and a grill and voila! Kat Williams style. (Getty photo)

  • Anja Rubik, 2012 'Schiaparelli & Prada: Impossible Conversations'

    Anja Rubik's dress at the 2012 Met Gala caused such a stir that the web would not stop talking about the model's gambe and hip for days. (Getty photo)

  • Karolina Kurkova, 2012 "Schiaparelli & Prada: Impossible Conversations'

    Karolina Kurkova looked amazing at the 2012 Met gala in, people couldn't believe it, Rachel Zoe! (Getty photo)

  • M.I.A. 2010 Spike TV 'Scream' Awards

    Controversial rapper M.I.A. rocked a burka at the 2010 Spike TV 'Scream' Awards as a response to political claims that the burka was repressive to women. (Getty photo)

  • Florence Welch 2012 'Schiaparelli & Prada: Impossible Conversations'

    Some people loved it and some people hated it, but either way, Florence Welch's Alexander McQueen dress at the 2012 Met Gala was impressive. (Getty photo)

  • Helena Bonham Carter, 2011 Academy Awards

    Helena Bonham Carter has always worn extravagant outfits, but at the 2011 Academy Awards, her Union Jack accessory was the cherry on top. (Getty photo)

  • Lady Gaga, 2011 MTV Europe Music Awards

    Lady Gaga has had some extravagant outfits over the years, but her flying disk dress at the MTV Europe Music Awards has got to be near the top of her crazy-dresses list. (Getty photo)

  • Cindy Lauper, 1984 American Music Awards

    Cindy Lauper is the queen of wild and in 1984 this multicolored, tool-friendly outfit definitely shows it. (Getty photo)

  • Sasha Gradiva, 2012 Grammys

    Little known Russian singer Sasha Gradiva made her mark at the 2012 Grammys, arriving to the red carpet in a girly pink gown and a robotic arm. (Getty photo)

  • Lady Gaga's New Meat Dress

    Related video

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CORRECTION: An earlier version of this post incorrectly attributed a claim that the dress set a Guinness World Record for most expensive dress.