1966 Omega woman's watch with inscription

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My late grandmother gave me this Omega watch in its case some years ago, and I happened to be looking at it today. I got a magnifying glass to read the tiny print on the back. Oddly, the watch is inscribed to somebody whose name I don't recognize. There is no serial number on the outside. No card or anything else besides the white cotton thing (with clear plastic back) shown in the photo. I feel like there may have been a bag to put the box in but what happened to that bag, I don't know.

PRESENTED TO <NAME> IN RECOGNITION OF 30 YEARS OF SERVICE <COMPANY NAME> 1966

Is this worth anything? Should I try to track down the family? As the woman this was given to must be long since gone. The box is in relatively good shape but not perfect. The watch itself is fairly pristine besides age. This is a silver-tone watchband, despite the yellowish cast of the photo.
 
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These were called Cocktail watches and usually have more value as heirloom than their market value which is usually low. The diamonds if real may add to this one’s value. If you like to wear it you can have it serviced $300 ballpark maybe less.
Commemorative watches like this were quite common and often resold.
I would keep it and enjoy as heirloom from your grandmother.
 
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If the family sold this "heirloom," it probably has no sentimental value to them.
 
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Unfortunately diamonds that size aren’t adding any value. They’re probably worth about £2 each.
 
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The case on the subject watch is probably 14-karat gold. If you sell it, don’t sell it for less than the melt value.
 
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The box with padding/cloth etc also have good value. If the watch is not gold may be even as much as the watch even.