Help identifying omega cocktail watch

True, people don't post a lot of information or photos of old cocktail watches online because they haven't really become terribly collectible. If you have the case opened and post photos of the movement (the clockwork mechanism), we could probably tell you something about that.

Not a great picture unfortuantely, but as-is, not a great ability to identify it (even with pretty clear photos). The reality of cocktail watches is that they are effectively valueless. In this case, the gold value is about all you have. Assuming it is actually 9ct gold, you probably have a few hundred pounds in metal, but you'd have to weigh it to be sure (plus subtract the non-gold components).

I would severely doubt it is anything close to 700 GBP anymore

There’s really not a tremendous upside to opening it. But we would potentially be able to give you a good estimate of the production year, and identify the caliber of the movement.

Yeah, unless someone was using it to smuggle uranium-flavored cocaine, there isn't anything that would be inside they would change the answer from "worth it's melt value".

The movement (mechanism) might be an Omega calibre 580. A very small diameter movement. Your images don’t show a lot for scale, but it appears to be a very tiny watch. The appraisal indicates the case (and likely bracelet) are 9 karat gold which would imply it was made possibly for the English market. The crystal in the watch appears to be the same style and content as the crystals used in the Omega Sapphette series of watches. That is, it is likely synthetic sapphire (not glass), and the facets around the perimeter have been applied by lapping, using the same method as faceting precious gems. As has been stated, the model number will be stamped inside the case back. There is both (likely) sentimental value and intrinsic value in the watch. I would suggest that if you (assuming you are female) or another female in your circle might appreciate this beautiful watch, then it has more than the value for gold scrap. If you sell it for scrap, it is likely the money will be gone in a week. If you appreciate what you have and keep it, you’ll have it for your lifetime, as will your heirs.