From the website, it seems most of the value of the shirt derives from the "seven diamomnds that adorn the studs and cufflinks".
Yout too could have such a shirt, all you need is set of $40,000 diamond cufflinks and studs. Not a difficult proposition.
A true diamond shirt, however, should at least have the front panel covered in diamonds in toto. To make such a shirt would not only cost more than $40,000, but would require significant handwork attaching each diamond to the shirt.
A shirt with just the collars and cuffs covered with diamonds could be offered in a diffusion line.
One would hope also, that such a shirt be made not according to a European fashion, but more in like with some ancient garnment.
It has been done with pearls, why not with diamonds.
1) The first comment on the Flickr page is from my friend Duane - hardly a sartorialist, and we haven't spoken since he suggested that Republicans want to put gays in concentration camps, but I think his comment was remarkably accurate.
2) One can get Kopi Luwak, and many other, better, less expensive coffes, from www.jmartinezfinecoffees. Supporting an Atlanta business.