Who would buy a diamond-studded cell phone with a price tag of $300,000 or more? The uberwealthy residents of Beverly Hills, that’s who.

At least that’s what Vertu is betting. The company, a British subsidiary of Finnish telecom giant Nokia, opened its first standalone U.S. boutique in Beverly Hills this summer.

Vertu operates small shops inside hotels in New York and Las Vegas, but chose Rodeo Drive for its flagship store.

“It’s recognized as the world’s most luxurious retail location,” said Casey Gorman, a managing director at Vertu. “It’s a great location for us.”

The subsidiary was founded in 1998 to makes Nokia’s luxury cell phones. It employs a small team of craftsmen in a suburban London factory who assemble each jewel-encrusted phone by hand, using Nokia electronics on the inside.

Vertu’s collection starts at $5,100 and goes up to $300,000. The company recently released its first smart phone, the Constellation Quest. The phone comes in a sapphire motif – black or pink, your choice – for $7,900 or a yellow gold motif for $25,000.

Since opening the Beverly Hills boutique, Vertu has snagged Seal as its brand salesman. Celebrity blogs reported that the singer, who has been a longtime Vertu client, rubbed elbows with Quincy Jones and Morgan Freeman at the store’s grand opening.

So the obvious question: What happens when you drop a $70,000 cell phone in the toilet bowl? Customers can send the devices back to Vertu to have them repaired for a fee. A loaner is provided in the interim.

But if the phone gets lost, don’t expect that kind of kid-gloves treatment.

“Most of our customers would have their Vertu insured under their homeowners insurance in the case of loss or theft,” Gorman said.