Victoria's Secret revealed its newest fantasy undies Tuesday: a Very Sexy push-up bra and belt valued at $2.5 million. And for the second year running, London Jewelers in Manhasset designed it.

The set is encrusted with more than 5,200 precious gems, including amethysts, sapphires, rubies, plus white, pink and yellow diamonds. The center is a knockout 20-carat white diamond, surrounded by two removable diamond flower pins.

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Compared with last year's bra (with about the same price tag) this one is, "over the top," says Randi Udell-Alper, London Jewelers' vice president. "We've taken it to another level and stepped it up a notch," she said. "We've fantasized on the floral theme. It's whimsical, playful and sexy."

Brazilian bombshell Alessandra Ambrosio will strut the sparkly stuff at Victoria's Secret annual fashion show, which will be taped in November and air on Dec. 4 on CBS. Along with the scantily clad and sometimes-winged models, entertainment will include music by Rihanna, Justin Bieber and Bruno Mars.