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Tyler, the Creator's new piece pays homage to himself, his alter ego and his latest album ... and it's helping a celebrity jeweler close out the year with a bang.

The eccentric rapper's chain features a pendant of IGOR -- the alter ego he debuted this year -- and it's dripping in a variety of diamonds. Blue, black, white and even chocolate and cognac diamonds, to be specific!

It's made out of 18k gold and comes with a shiny "T" clasp for the chain and "IGOR" emblazoned on the back.

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The jeweler, Ben Baller, points out the intricacies of the piece ... including how the gradient levels of brown match Tyler's IGOR's skin tone when the light hits it, and how you can make out the curvature of the nose.

Baller's clearly proud of his handiwork -- which he says is his final piece of the decade -- and Tyler is too. Good reason for pride all round ... the thing cost $275,000!!!