#1 World's Most Expensive Handbag. 1001 Night Diamond Purse. One fashion accessory that is claimed as the world’s most expensive handbag. Bags are made of 18 carat gold and adorned with 4517 diamonds were priced 2.35 million pounds. Diamonds that adorn the bag consists of 105 diamond yellow, 56 pink and white diamond 4356. The weight of diamonds in 381.92 carat bag entirely.