The year of the Sponge is upon us and Nickelodeon & Viacom Consumer Products is really looking to make SpongeBob SquarePants shine on his 10th anniversary, starting with a high-end jewelry deal with Simmons Jewelry Co., founded by hip-hop mogul Russell Simmons.

The high-end fashion jewelry company has created an exclusive 12-carat diamond-encrusted SpongeBob pendant that will be auctioned off for charity. Meanwhile, the rest of the retail collection features fashion-forward designs using enamel, gold, silver and diamonds under the design direction of Russell Simmons. Fans will be able to find the collection at US fine jewelry and specialty retailers, ranging from US$150 to US$75,000.

The diamond pendant will make its debut on display in Park City, Utah during the 2009 Sundance Film Festival, where there will be a first-time SpongeBob SquarePants live cast reading. The pendant will be auctioned off at a later date with proceeds going to the Diamond Empowerment Fund.