When the gold Apple Watch Edition launched in 2015 at a high-end price of $17,000, it raised eyebrows. But that’s nothing compared to a diamond-plated TAG Heuer handset that was recently announced.
TAG Heuer on Monday announced the new Connected Modular smartwatch, featuring a white gold band and nearly two dozen carats of diamonds. It costs 190,000 Swiss Francs, or about $197,000. TAG Heuer said in a statement that the device is the most expensive smartwatch ever released.
In a listing on its website, TAG Heuer said that the smartwatch comes with a round 1.4-inch screen that doubles as a touch display for tapping around the device’s Android Wear operating system. It also works with Apple’s iPhones, allowing users to see notifications, access app information, and more. It comes with 4GB of storage and has a near-field communication (NFC) chip so users can place it near a point-of-sale terminal and make mobile purchases.
Get Data Sheet, Fortune’s technology newsletter
TAG Heuer is one of many traditional watchmakers trying its luck in a smartwatch market dominated by Apple and Google. Many of those traditional watchmakers are designing products that come with traditional watch designs but support apps, notifications, and other features users might want in a smartwatch. Still, Apple Watch has proven most popular in the fledgling market.
Whether anyone will actually want a nearly $200,000 smartwatch remains to be seen. While Apple hasn’t ever released Apple Watch sales data, the company’s decision in 2016 to discontinue its gold Apple Watch Edition suggested there was little demand for such an expensive smartwatch. And with a price tag that’s more than 10 times greater than that Apple Watch Edition, TAG Heuer’s smartwatch might have some trouble finding buyers.