A normal watch also tells time, but to the rich who buy branded watches, it's called "timepiece", not watch.
My dad bought that for me in better times. Yes, it's more of a piece of jewellery.
I bought a "Patek Philippe" for less than S$40 at Ho Chi Minh more than a year ago and it's still running very well. I Regret i didn't buy more.
Lucky you didn't buy more, otherwise got arrested for smuggling pirated watches.