I can't ID the model. I don't think it's Honor Fraser. Her largish saggy tits and slightly sunken eyes are more than enough to distinguish her from the mystery model for me. In an odd coincidence, she appears at 47 seconds of the aforementioned youtube video:
http://www.youtube.com/watch?v=iYQrGUzwcQY
Using tits once again eliminates Yasmeen Ghauri for me. They're about the same size but Yasmeen's are "perky" in every image I've come across. The mystery model's nose is pointy and flares, Yasmeen has a "pretty" nose.
There's a 14 second MQ video clip of the nipple ring dress in ...fashiongirls...Part 4 that's ok, but there are crappy special effects around the edges that I couldn't crop or mask out. I hate fashion video editors.