RICH YUNG REPORT: Diamond-studded VISA card

A bank in Kazakhstan, an oil-rich Caspian nation, has unveiled a new VISA card encrusted with a shiny 0.02 carat diamond and laced with an elaborate gold pattern.

"It's (designed) for a private club of VIP clients," said Dmitry Nikolin, executive director of Kazakhstan's mid-size Eurasian Bank which released the card on Tuesday.

The card will be issued for clients with an annual income of at least $300,000, targeting a thin layer of affluent consumers in a vast nation where the average monthly wage is about $500. The diamond-encrusted credit card will be offered to clients beyond Kazakhstan as well. Via Reuters