Swiss-made diamond-set watch worth $10 million displayed at Hong Kong fair

A sparkling Swiss-made diamond watch with a value of $10 million was unveiled at the Hong Kong Watch and Clock Fair this week.

The watch, made by Vacheron Constantin, is set with 186 diamonds with a total weight of 160 carats.

The world's first mobile phone featuring a tourbillion watch mechanism, worth $400,000, was also displayed.

In the first five months of this year, exports of watches and clocks from Hong Kong to the Chinese mainland grew by 27 percent to $474 million, according to a report in xinhuanet.com.

The fair, which runs until Sunday, attracted 700 exhibitors from 12 countries and regions with special group pavilion set up for Chinese mainland watch makers.

Hong Kong is the world's second-largest watch and clock exporter with total exports of $3.2 billion in the first five months of 2011, a 24 percent increase on the same period of 2010.