Graff Diamonds has unveiled a $55 million dollar ''Hallucination'' timepiece, which is described as an exceptionally rare, multi-colored diamond design that is set to be the most valuable watch ever created. The timepiece features 110 carats of colored diamonds and is now on display at BaselWorld.

Laurence Graff, the chairman of Graff Diamonds, said, “The Graff Hallucination is a sculptural masterpiece; a celebration of the miracle of colored 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.”