SpartyGirl, you're correct in that Alpha Gam doesn't really have any badges more expensive than around $250. However I think that Lynn was talking about other NPCs who have the option of purchasing some *drop-dead, jewel encrusted, gorgeous* badges that retail for over $1000.
And while only the International President can wear the all-diamond badge (which I have seen up close and--oh-my God--its breathtaking), Alpha Gams *can* purchase a badge with 3 or 4 diamond points and pearls.
When my hypothetical future daughter joins Alpha Gam, I will pin her with my Crown Pearl and upgrade myself to the diamonds and pearls badge.