A diamond-studded saucepan is attracting plenty of interest at Moscow’s top annual luxury fair, where a vast array of sparkly bling, fast cars and enormous price tags is on offer.

The saucepan has a handle and lid encrusted with 270 diamonds and is decorated with 18-carat gold, brand manager Natalya Oreshkina said.

Made by German cookware brand Fissler, the utensil is not really suitable for cooking, Oreshkina added, shuddering at the idea of putting it in an oven.

“It is for serving food beautifully,” she explained as crowds packed the Manezh exhibition centre in central Moscow on opening night Friday.

Held in Moscow for the first time, the Summer Fair is a smaller version of the giant luxury market, the Millionaire Fair.

“It’s definitely smaller, but the level of the participants is higher,” said Yelena Kudozova, the managing director of the Millionaire Fair. She listed carmakers McClaren and jewelry brand Piaget as examples.

Highlighting the exclusivity of the event, the fair was held at the Royal Bar yacht club on the bank of the Moscow River near Vodny Stadion metro station.

If you’re an environment friendly sailor and have a passion for speedboats check out Czeers MK1, a luxury designed 10-meter that was launched at the Millionaire Fair in 2007.

The Delft Technical University Solarboat Team built the original platform as an entry in the 2006 Nuon Frisian Solar challenge, which it easily won – and in the process, attracted serious investment power from Rabobank to get a full scale test boat built.

Made 100-percent of carbon fiber with orange leather trim, photovoltaic cells on almost all horizontal surfaces and an LCD touch-screen control system, the world’s first solar speedboat goes up to 30 knots on water.