A price tag of pounds 4m for the Carousel of Time ... four pocket watch es, 3,000 gem stones

An embarrassment of riches: Marcus Margulies (pictured left), chairman of watch retailer Time, looks at the Carousel of Time, a collection of four Swiss pocket watches costing no less than pounds 4m.

The collection houses almost 3,000 gem stones, including 1,645 diamonds, 448 emeralds and same number of rubies and sapphires.

The carousel alone is fashioned with more than 3kg of engraved white gold.

Manufactured by Blancpain, the long-established watchmaker, the aim is to combine advanced movement components with extravagant craftsmanship.

Sadly the watches have one other drawback apart from the price: they all need to be wound by hand. Time Products will reveal its annual financial results today.

Photograph: Ben Schott