Hublot unveils world's most expensive watch at $5 million

A Swiss watchmaker unveiled today what is believed to be the world's most expensive timepiece.

Hublot's new watch, which has a price tag of $5million, dazzles with a staggering 140 carats of diamonds, all set in white gold.

Hublot unveiled the most expensive watch valued at $ 5 million

The precious stones cover the entire face, as well as the band, giving an appearance more akin to fine jewellery than practical accessory.

Six of the 1,292 diamonds weigh more than three carats each.

The amount of craftsmanship involved is also impressive. The company, which is owned by French fashion giant LVMH, revealed that it took 17 people 14 months to design and make the watch

Hublot, which usually sells its watches for an average of $24,000, debuted its creation at the annual Baselworld Watch & Jewellery Show, which opened to the public today.

Company president, Jean-Claude Biver, explained that it would be hard to make a more expensive watch 'because the surface of the watch is limited'.

Despite the price tag, it seems Hublot will have no trouble selling the high-end creation.

Mr Biver revealed that several people had already expressed interest in acquiring it, although he could not disclose any further details.

Though many retail sectors have been suffering in the economic downturn, luxury brands, Hublot included, are thriving.

The watchmaker celebrated a record year in 2011, with sales up by 30 per cent