EWOT Goggles #2

This week, my mom sent me a watch that was about 3 months overdue: it was supposed to be a birthday present and my birthday's in June. I wanted a watch that had some bling. You know, a gold encrusted rim, a silver strap, diamonds everywhere. Obviously, this was not reasonable and so my mom bought me a watch that had a little less wow factor but still functioned the same. But think about it. Both watches are roughly the same size and perform the same function equally well, yet one watch costs hundreds of thousands of dollars and the other one costs 75 bucks. I know diamonds are very valuable, but I've seen watches that should be sold for 50 grand that are sold for 50 bucks on certain websites. My question is why is there a such a range of prices for a such a small and simple device? Why do we put so much more value on a watch that was made by a "classic Swiss watchmaker" versus one that is factory-produced? How do all these extra nuances in watchmaking correlate to the right amount of money that is added on in the price? Maybe one day I'll be able to buy a watch with a lot of bling. But I should be asking myself is it really worth it if all watches look relatively similar and perform the same function equally.