Photogenic lady in an early Omega pocket watch.

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Her identity may remain forever unknown. Google image search yeilds no match.
 
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For some reason, looks like Her Majesty Queen the Mother (see below) to me.
That's probably a very low probability, as HM would be 9 years old at the time of the issue of the watch and would probably wear 2-3 row of pearl necklace. And would definitely use more luxurious background.





Sources:

https://npgshop.org.uk
https://www.elle.com
 
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Carefully removing the photo from the watch case might reveal a name on the back of the photo. Probably not much help in trying to find out anything about her.