No transfers are used.
That's a pad-printer shown above and it is an industrial scale process. There is a plate engraved with your printing off to one side, on the plate is a bottom less cup filled with ink. the plate is dead flat so the cup doesn't leak out. The cup is slid over the engraving leaving a deposit of ink in the engraving which is only about 0.001" deep. The cup never leaves the plate, it is just slid off to one side. A soft silicone pad is then used to pick up the ink and transfer it to the item to be printed. This works on watch faces or golf balls as the pad, the egg shaped thing in the picture above, is very soft. The ink is dry enough to handle by the time you unload the printed product so the entire process is done very quickly. A company I worked for bought one to label 3D glasses frames we were making for a movie theater equipment manufacturer, once we learned the tricks of the trade the process was quite quick and very reliable. Even the semi automatic machine shown above could easily outproduce the number of Speedmasters Omega makes. Each colour must be done seperately, so you either change plates and inks and run it through again or have a second machine set up to run the second colour. Which is likely what they do because the machines are relatively inexpensive and cleaning up to change colours is a royal pain in the ass.
This is how most enamel American watch faces were printed since the mid 1890s, including that lovely old railway watch face on
@Mad Dog 's 992B Hamilton.
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