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I've always liked the look of the mid-sized all gold Rolex, and I'm not a fan of the style in general. No one would know if the earrings were real or not. I'd go with the watch.
If you already have diamond studs of 1.30 in each ear (2.60 ctw!) I think its safe to say your covered in the large diamond stud department! If you don't have a Rolex already, I would get the Rolex!
Tough call, but I would go with the Rolex.
Which one were you thinking of?
I have the YG ladies President with a Mother of Pearl face and diamond bezel and markers. I love it.