According to analysts, the Apple Watch may cost well over Rs 30,000 for the base model.
They are of the view that the watch is expected to hit market in July this year. However, a section of the market feels that considering the growing importance of India, the watch could see its India debut even in June.
Launched in three variants (Apple Watch Sport, Apple Watch and Apple Watch Edition) and two sizes (38 mm and 42 mm), the Apple Watch will be priced between $349 (over Rs 21,800) to a whopping $17,000 (Rs 10.66 lakh) for the gold model.
"Apple Watch begins a new chapter in the way we relate to technology and we think our customers are going to love it," Apple CEO Tim Cook said.
"We can't wait for people to start wearing Apple Watch to easily access information that matters, to interact with the world, and to live a better day by being more aware of their daily activity than ever before," he added.
The smartwatch would require iPhone 5, iPhone 5c, iPhone 5s, iPhone 6 or iPhone 6 Plus running iOS 8.2. or higher versions.
The Apple Watch Edition features cases specially crafted from custom rose or yellow 18-carat gold alloys, a Retina display protected by polished sapphire crystal and uniquely designed straps and bands with 18-carat gold clasps, buckles or pins.
The Apple Watch is the first new product category to be launched under Cook, who took over the reins of the company after Steve Jobs stepped down.
This is also the first new device category since 2010, when Apple entered the tablet market with its iPad.
The Apple Watch delivers up to 18 hours of battery life and has a digital face that can look like a traditional time piece.
According to the company, users will be able to make and receive calls, read e-mails, control music, manage Instagram photos and keep track of fitness using the smartwatch.
Apple has also revamped its MacBook range with a thinner and more efficient 12-inch MacBook notebook and a new MacBook Pro range with Retina display.