In honor of the 10th Anniversary of SpongeBob SquarePants, Russell Simmons and his Simmons Jewelry Co. has created a collection of fine jewelry and watches all inspired by the iconic Nickelodeon cartoon. “We are always looking for innovative ideas to develop fine jewelry, and the Nickelodeon partnership to license SpongeBob is the perfect addition to the Simmons Jewelry Co. family,” said Simmons. The collection is led by an exclusive 12 carat diamond-encrusted pendant to be auctioned off to beneft the Diamond Empowerment Fund. The pendant contains a total of 12 carats of white, yellow, red and blue diamonds set in 18KT yellow and white gold. It will be debuted during the 2009 Sundance Film Festival in Park City, Utah. The collection will be available for men and women by Fall 2009 at fine jewelry and specialty retailers. Pieces will range from $150 to $75,000. Will SpongeBob replace Hello Kitty as the cartoon-of-choice for jewelry? Only time will tell…