Swiss firm Hublot has unveiled a new diamond watch - worth a staggering $5m (£3m). The white gold watch is encrusted with 1,282 diamonds, and was made by 17 people. It reportedly took 14 months to be made, according to The AFP.

It will be shown to a select group of people at a corporate event in Basel. A ‘mastersetter’ was required to fly from New York to put in the largest diamonds correctly. Despite the poor economic situation in Europe, experts have revealed that watchmakers have continued to prosper due to high demand from Asia in particular.

Jean-Daniel Pasche, president of the Swiss Watch Industry said: “We profit off the general growth of the economy in the region.

“There are many people who have the means to acquire a Swiss watch - they find our products very attractive.” –DS