RAPAPORT... Amazon.com is promoting what it calls a 'million dollar diamond watch' in 18 karat white gold, the online retailer valued at $1 million, but cut the price to $499,000 on December 5, 2006.

"This unique and hard-to-find diamond watch from Audemars Piguet contains a total weight of 53 carats of diamonds held in 18 karat white gold and arranged in rows of eight to form a supple 20 millimeter band. Additional round brilliant diamonds line the top cover of the watch case capped with a virtually scratch-proof sapphire crystal," online retailer amazon.com reported in a statement.

Steven Goldsmith, vice president Amazon.com Jewelry & Watches store added that the website offers additional jewelry and watch items at reduced prices, such as the Jaeger-LeCoultre Women's Reverso Cabochons diamond-encrusted watch, valued at $18,700 and available for $9,724; a one-of-a-kind GIA-certified 5-carat princess-cut diamond center ring with 142 round diamonds in 18 karat white gold, valued at $189,999 and available for $109,999; a 4-carat diamond stud earrings, valued at $57,000 and available for $35,000; a 5 carat emerald-cut diamond-center ring with two 1 carat half-moon shape diamonds, valued at $129,999 and available for $74,999.