The world’s biggest watch event opens in Basel, Switzerland, this week on the back of a bumper year thanks to Asian demand for luxury timepieces. Hublot, a subsidiary of French luxury goods group LVMH, will use the high-profile event to unveil “The $5 million” a watch comprising no less than 1,282 diamonds. “This is the most precious watch ever created by Hublot and its long-standing partner, Atelier Bunter in Geneva,” said Hublot.

The piece is the result of 14 months work, including that of a “master-cutter” from New York who fashioned the largest stones. The watch will be displayed under very tight security, a company spokeswoman said, and only select Baselworld attendees will even be allowed to view it.