Behold the $40 Million Diamond Watch

/ Source: CNBC.com
Image: $40 million watch
"The Fascination", a watch worth $40 million, is displayed at the stand of British jeweller Graff during the watch industry's biggest annual trade show BaselWorld in Basel. FABRICE COFFRINI / AFP - Getty Images

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They say that time is money -- but $40 million?

Graff Diamonds has unveiled a watch with more than 152 carats of white diamonds, worth a whopping $40 million, making it one of the most expensive timepieces that has ever been created.

Besides the main piece, the watch also has a detachable 38-carat flawless diamond that can be worn as a ring. The company unveiled the watch at the industry's main trade event of the year, BaselWorld in Switzerland. The company's CEO, Francois Graff, said it was a "one of a kind" piece, adding that the company had been "very daring." Graff Diamonds would not say whether there was an interested buyer yet, but a sale would make it one of the most expensive modern timepieces ever.

-- Phil Han

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