Marketed as the "ultimate symbol of indulgence and of truly impeccable taste", a new scent has been launched for Christmas - retailing at just under £50,000 sterling.

The makers of V1 are proudly promoting it as the "world's most expensive perfume" and are confident of shifting the limited edition of 173 bottles.

This is clearly not one for those who shudder at paying £30 for a bottle of duty free eau de toilette, but potential customers will be reassured to learn that a ruby and diamond encrusted case is thrown in for free.

Purchasers are assured of further savings, with unlimited scent refills guaranteed for life - at no extra cost.

The fragrance is the creation of Arfaq Hussain, a 27-year-old clothes designer from North Yorkshire, who first made a name for himself with an air-conditioned jacket he made for Michael Jackson.

Each flask (oddly priced at precisely £47,750 - tucked safely below the £50,000 mark) is made from platinum, gold and diamonds.

The box is made from walnut by Rolls-Royce contractors, while the gold diamond and ruby key was created by the jewellers, Graff.

The promotional brochure is accompanied by a regal-style crest proclaiming, "By appointment to Michael Jackson"; Jackson is the only person so far to have placed an order - he wants two, according to Mr Hussain.

"It is massively expensive," he admitted readily. "People do find the price hard to believe, but it is more than just a perfume - it's a piece of jewellery too."

The company was unable to provide a sample of the scent. ("Only a handful of people will ever experience it," Mr Hussain said.)

Only five flasks have been made so far by Mr Hussain's company, London-based Gianni Vive Sulman Designs; the rest will be made to order.

Mr Hussain said he created the scent because it is "nice for people to give scent to someone they love".