If you've ever thought of throwing your friends a fancy tea party, we've got a piece that'll truly impress you. This teapot is the world's most expensive, and a truly extraordinary piece and kitchen statement.

Actually put tea in the world's most expensive teapot? Probably not. But it's sure gorgeous to look at.

Covered in jewels and diamonds, this extraordinary piece has been appraised for a price that would shock most.

Does it make sense for a teapot that you'd never use to fetch this much? Well, it depends on your perspective.

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So, which teapot holds the world record for being the most expensive in the world? TAG24 takes a look at the fascinating story behind a teapot so studded with jewels and diamonds that it's renowned worldwide.

Appraised in London in August 2016, the world's most expensive teapot is the "Egoist Teapot", worth a whopping $3 million.

Covered in diamonds and a 6.67-carat ruby, this extraordinary teapot was made principally out of 18-carat yellow gold, gold-plated silver, and - most controversially - ivory from the fossil of a mammoth.

It is one of many tea accessories owned by British-Indian billionaire Nirmal Sethia and was made to be part of his collection. Guinness World Records declared it to be one of the world's most extravagant and complex pieces of kitchenware, and the most expensive teapot in existence - for which it holds a world record.

What's perhaps more extraordinary than the piece itself, though, is that the world's most expensive teapot is but one part of a massive collection that includes rare antiquities from the Chinese Ming Dynasty, the Romanov Dynasty in Russia, and even pieces that include President Theodore Roosevelt's tea caddy and a teapot owned by Admiral Lord Nelson himself.

The most pricey teapot itself features a handle made out of fossilized mammoth ivory, dating back more than 100,000 years. Its giant ruby forms a centerpiece, around which are scattered 1658 cut diamonds and 386 smaller rubies, all implanted into a golden body. Considering what it is made out of, and what it is worth, it's unlikely anyone will be brewing tea in this particular pot. Plus, it's said to only brew enough for one cup at a time!

All details aside, it's mind-boggling that a teapot could be quite this expensive. It clearly hasn't been made for a nice afternoon cup, and but $3 million? That seems a bit rich!

Possibly the most valuable part of the world's most expensive teapot is the fossilized mammoth ivory. Extremely rare - far rarer than the world's most expensive rubies or diamonds - this particular material deserves to be in a museum, or stored carefully for the purpose of research.

While diamonds are, of course, extremely valuable, they simply don't hold a candle to the fossilized ivory of a creature that lived over 100,000 years ago. Rest assured, though, that such a valuable item will be kept safe and sound in the Chitra Collection's museum.

What's also remarkable, though, is that the teapot was designed by Mr Sethia himself back in 2016. Made in Italy, it's hardly a historical artifact worthy of a museum, but more a passion project of the ultrawealthy, designed to be featured in Chitra's extensive jewelry collection.

Chitra's very own website describes the teapot, saying, "Surrounded by gold rays, the ruby resembles a resplendent sun which symbolizes Surya, the Hindu sun god. The diamonds were handpicked and set on the body in four different sizes to create a gradient effect and highlight the teapot’s perfectly spherical body."

Interestingly, the curators acknowledge the extravagance of the piece itself when they describe its name, saying that "The teapot's name [Egoist] refers to its small size - designed to brew just enough tea for one cup - and the precious materials chosen to adorn its surface."

The world's most expensive teapot is an extraordinary piece that was originally commissioned as part of a collection. This collection, known as the Chitra Collection, was originally formed with the purpose to acquire the world's "greatest collection of tea wares and preserve tea cultures of the past".

It includes a variety of items from all across Europe, Asia, and the Americas, and even artifacts that date back more than 1000 years. The Chitra Collection's website explains that its goal is to preserve the extraordinary history of tea, stating that it was "politically and economically significant" and, as a result, is worth conserving.

"For centuries, tea played a central role in culture and society as a medicinal and revitalizing drink," they write. "Tea was also politically and economically significant as a source of profit, a tool of empire, and as a trigger for revolution, war, and slavery."