Ladies Rolex Precision manual wind cocktail dress watch circa 1940, in a bi-colour stainless steel and gold case on a brown leather cordette strap with gilt fittings. Signed Rolex white dial with gilt Arabic hours and matching polished gilt hands. Swiss signed Rolex Precision 17 jewel movement with Patented Super Balance. 
 
Case width - 18mm, case length - 37mm. 

The Rolex watch company started in 1905 as Wilsdorf and Davis in London. The company registered the name Rolex in 1908 and moved to Switzerland after WWI.