So only 1.5% of the "gems" are diamonds and they'll be tiny lab-grown ones, topped off with solid gold... plating. Yup, that's Trump through and through.
Even then there's some scam there, googling the price of even a tiny 0.1 carat VS1 diamond that'd make them worth about as much as the whole watch. Maybe in this case "VS" stands for "very shiny".
Edited to add: 0.05 carats at VS1 are around USD30 and 0.02 carats USD10, that's 0.01 and 0.004 grams. So it could be correct, add eight $10 diamonds and you've got your pretend bling.