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These cases are solid karat gold. Either 14-karat, or 18-karat, depending on the market the watch was made for. The synthetic sapphire crystal in the Sapphette was produced in the same manner as genuine facetted gemstone were produced. The perimeter faceting was produced, not by moulding (as in a glass crystal might have been produced), but by lapping and polishing the way gemstones were faceted. The gemstones on the lugs are full cut diamonds, and I have to guess, but I would think the total weight would be approximately 0.20 to 0.25 carats total weight. These diamonds are set in four-claw, white karat gold (14 or 18 karat) settings, not “glued” in the way would likely be on lesser watches. Omega used manual wind, 17-jewel movements in most of these. Don’t ask what calibre because I don’t remember at the moment. Could be calibre 481. Case weight could be in the neighbourhood of about 10 grams, with gold bullion at around $3,500 (U S) per Troy ounce (31.1 grams), this would be an expensive watch if currently fashionable. Value? Demand determines value, generally. There are members of the Omega forum who are ladies. There is your market, but generally, not a lot of ladies collect watches. But offered at the right time and in the right place with several interested ladies bidding on your lovely watch, it isn't fanciful to suggest it might bring a grand or thereabouts. But the main value in it would be in keeping it, not selling for what you might get. You might find suggestions it is only worth “scrap” value. Don’t listen! My spouse has two Sapphettes, and she loves them! (Both bought for scrap prices, by the way! These were both rescues that needed a LOT of work! Not pristine original ones like yours that come with box and hang tag!) Your grandmother or grandfather had impeccable taste!
Generally, diamonds with low colour grades would be set in yellow gold so colour contrast didn’t show up. But Omega used better quality diamonds in these Sapphettes, so they were set in white gold where only good colour diamonds show properly.
I think a grand in any currency is extremely optimistic. The supply of these far outweighs demand and there are several on eBay from dealers in 14 and 18ct unsold at £500.
I’d say it’s worth scrap value.
Typically a 650 movement which is about 12.5 mm quite small. There was also a 640 movement which was a back or sidewinder.
And your opinion is precisely the kind of opinion I recommended the OP ignore! Scrap value, indeed! If it was offered in the right place at the right time with the right audience, it would realize more than scrap, in my opinion! In addition to that, the “grand” I mentioned was Canadian dollars. You mentioned £500. Right now, 0.53 pounds buys one Canadian dollar. Put THATin your pipe and smoke it!