A week or so ago, got a collapsible photo box (exactly like
this one, but bought in a local shop). ~€45 for a 40cm box, with dimmable LED lighting on both sides and on top, and 4 different plastic (or vinyl) backdrops. Wasn't expecting much, but it works great and if you pair it with a decent camera (and lens), photos look straight out of the studio.
As for holding the watch, I would try a clear plastic watch display/stand. Those are cheap and almost not visible in photos. Haven't tried one myself though.
Some test shots done recently, with an assortment of watches.
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