This looks like a vintage tool. I suspect it was used by laying it on the yellow page listings under "Jewelers" and moving it up and down until an Omega watchmaker appeared in the opening. On a more serious note, I can't imagine.
Ah, so it is for covering over either gold or polished section, exposing the section to be refinished. Clever but specific to one model by the looks of it.
I picked it up for 100 bucks on ebay lol. Figured maybe if I knew how to use it, it may come in handy.