What does Dhs202m get you these days? A pretty sweet penthouse apartment in the Burj Khalifa? A garage full of Ferraris? Cristiano Ronaldo’s right leg?

News has emerged that Dhs200m could now also buy you the world’s most expensive watch.

The rainbow-coloured timepiece features 110 carats of extremely rare diamonds and comes from luxury British jeweller’s Graff, who unveiled it at the Basel World Fair in Geneva earlier this week.

The exotic multi-coloured ladies’ watch is called Hallucination, an appropriate name perhaps, seeing as it’s what customers might think they’re experiencing when they see the price tag.

As you would expect, the timepiece is one of a kind and is now on sale in Dubai. It’s available for private viewings upon request at Graff’s stores in The Dubai Mall and Burj Al Arab (if you book an appointment, we suggest you show up on time).

The watch is the brainchild of Laurence Graff, chairman of Graff Diamonds. His vision was created by a highly skilled team of designers, gemologists and craftsmen during thousands of hours of painstaking work.

“The Graff Hallucination is a masterpiece,” said Graff, who was awarded at OBE in 2013 for services to jewellery. “It’s a celebration of the miracle of coloured diamonds. For many years I have thought about creating a truly remarkable watch that illustrates our all-consuming passion for diamonds. The Hallucination has made my diamond dream a reality.”

There’s only one question with a watch like this: do you need to wind it up every day? We’re guessing not.

Other ‘world’s most expensive’ recently available in Dubai is the ‘Kopi Luwak coffee – Dhs180 for two cups – at ICONS Coffee Couture, in Souk Al Bahar, and a bra adorned with 4,200 precious gems set in 18-karat gold known as the ’Royal Fantasy Bra and Belt’.