Luxury brand Hublot unveiled what it claims to be the most expensive watch around, at the 2012 Baselworld Watch Exhibition in Switzerland. The watch is a 14-carat diamond encrusted timepiece, worth $5m.

The device is set primarily in white gold and the ultra-glam luxury watch contains a total of 1,292 diamonds, six of which weigh more than three carats apiece.

The Swiss brand, owned by French luxury goods manufacturer LVMH, said a renowned "master cutter" from New York, with over 40 years experience, was responsible for single-handedly cutting the largest GIA-certified stones to ensure the same cut "signature".

Despite the high price and the ongoing economic crisis, producers of the watch said several people had already expressed a desire to buy the watch. In fact, the luxury watch has already been sold to the retailer "The Hour Glass" Singapore. However, the watch will be showcased first at the Hublot boutique in Marina Bay Sands and then in the Hublot corners at The Hour Glass boutiques.

The exclusive creation debuted at the annual Baselworld Watch & Jewellery Show, which runs from 8 March to 15 March.

The Daily Mail reported that company president Jean-Claude Biver explained it would be hard to make a more expensive watch "because the surface of the watch is limited."

Get a glimpse of the $5 million luxury Hublot watch in the images given below:

Forget Economic Crises, 5 Million Luxury Watch Sets New Records at Baselworld
A Hublot employee shows the new "5 Million Dollar Diamond Watch" during a news conference at Baselworld fair in Basel, March 7, 2012. The world's leading watch and jewellery show Baselworld is to be held in Basel from March 8 to March 15, 2012. Reuters
Forget Economic Crises, 5 Million Luxury Watch Sets New Records at Baselworld
Swiss watchmaker Hublot CEO Jean-Claude Biver shows the new "5 Million Dollar Diamond Watch" during a news conference at Baselworld fair in Basel, March 7, 2012. The world's leading watch and jewellery show Baselworld is to be held in Basel from March 8 to March 15, 2012. Reuters
Forget Economic Crises, 5 Million Luxury Watch Sets New Records at Baselworld
Presented by Hublot at BaselWorld 2012, the “$5 Million” watch – the most expensive watch of the fair – has been sold to The Hour Glass Singapore. Hublot/Handout
Forget Economic Crises, 5 Million Luxury Watch Sets New Records at Baselworld
Presented by Hublot at BaselWorld 2012, the “$5 Million” watch – the most expensive watch of the fair – has been sold to The Hour Glass Singapore. Hublot/Handout
Forget Economic Crises, 5 Million Luxury Watch Sets New Records at Baselworld
Presented by Hublot at BaselWorld 2012, the “$5 Million” watch – the most expensive watch of the fair – has been sold to The Hour Glass Singapore. Hublot/Handout
Gold New York