But they basically serve as jewelry.
The problem with the Apple Watch is it tried to be that, but it has absolutely no premium value at all.
Which is unsurprising considering you can get the same brand, same look, etc with a little less gold for 1/200th the price.
Also, it doesn’t help that there is no handcrafted precision work involved with the Apple Watch. It flowed out of the same Chinese assembly line the other $200 Apple Watches did.