Backes & Strauss of the UK has revealed a stunning new timepiece decked out in 245 emeralds, costing a mere £1.5 million ($2.29 million).

The Piccadilly Princess Royal Emerald Green is the third in a series of five one-off watches being brought out to commemorate the 225th anniversary of the diamond specialist.

It follows the release of the Piccadilly Princess Royal Colours in 2014 and Piccadilly Princess Royal Blue earlier this year.

Backes & Strauss has continued its collaboration with Gemfields in the creation of the Piccadilly Princess Royal Emerald Green timepiece. 

As the world's oldest diamond company, Backes & Strauss has collaborated with Gemfields for its expertise as leading supplier of coloured gemstones to create this new timeless masterpiece.

Backes & Strauss' creations are inspired by London’s Regency Era, when architect John Nash led initiatives commissioned by the Prince Regent to liven and recreate the city’s landscape. 

Architecture, art and culture flourished in this period, particularly the growth in the city's commitment to nature and the environment. The vibrant green emeralds on this Piccadilly Princess timepiece reflect London's devotion to its natural landmarks and lush green parks, celebrated and cherished from the Regency Era to today.

This breath-taking watch displays 245 Zambian emeralds with 10 different cuts for a total of 31.91 carats. The responsibly sourced gems combined with Backes & Strauss' carefully engineered design create a brilliant piece found nowhere else in the world.

The exquisite quality of these vivid emeralds is attributed to the delicate and sustainable unearthing methods used in Gemfields' Kagem Mines in Zambia. 

"A shared dedication to environmental and human rights responsibility along with commitment to high-quality cut and polished stones are what have encouraged  us to continue a partnership and create another masterpiece with Gemfields," states Vartkess Knadjian, CEO, Backes & Strauss.

The 37-mm watch has sword-shaped hands displaying hours and minutes and a quartz movement.

Established in 1789, Backes & Strauss has constantly looked forward, pioneering new diamond cutting techniques and enthralling connoisseurs with its compelling designs.

The company is part of the Franck Muller group, the renowned Swiss haute horlogerie brand.

Backes & Strauss and Franck Muller are masters of the art and science of their respective crafts. While Backes & Strauss is occupied with light and Franck Muller is concerned with time, both share a devotion to mathematical precision.

The result of this meeting of masters is a collection of timepieces so intricate, they are veritable masterpieces both inside and out, it says.