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Behold: The $40-million diamond watch

They say that time is money—but $40 million?

Graff Diamonds has unveiled a watch with more than 152 carats of white diamonds, worth a whopping $40 million, making it one of the most expensive timepieces that has ever been created.

In addition to the main piece, the watch also has a detachable 38-carat flawless diamond that can be worn as a ring.

The company unveiled the watch at the industry's main trade event of the year, BaselWorld in Switzerland. The company's CEO, Francois Graff, said it was a "one of a kind" piece, adding that the company had been "very daring."

Graff Diamonds would not say whether there was an interested buyer yet, but a sale would make it one of the most expensive modern timepieces ever.

The Fascination watch
Graff Diamonds
The Fascination watch

Another company at BaselWorld hoping to tap the luxury market is Jacob and & Co, which unveiled a timepiece valued at $18 million.

Read MoreThe making of a $2.6M watch

Aptly named "The Billionaire," the watch includes 260 carats of Emerald cut diamonds, with some gems weighing as much as three carats each.

These optimistic price tags belie a Swiss watch industry which has been hit hard by a dramatic fall in the Swiss franc over recent months. On Thursday, Citi reported that Swiss watch exports continued to fall in February, down 2 percent year-on-year in February.

The Swiss franc has appreciated around close to 12 percent against the euro since the country's national bank shocked markets by unpegging the franc from the single currency in January this year. This is bad news for Swiss watchmakers, because a stronger franc makes Swiss exports more expensive on the global market.

CNBC's Katrina Bishop contributed to this report.