What you need to know about Apple's new gadget: Watch

Apple's newest wearable gadget Watch will be shipped in three different models: Standard, Sport and Edition. The Edition model will be 18-karat gold plated.

The Watch will be used with a touch screen and a so-called "digital crown", a dial which can be pushed and twisted. By twisting the digital crown, the user can navigate within a page and can zoom in or out of pictures.

The device will also take advantage of its inbuilt haptic vibration system to offer directions through vibrating. In practice, Apple's Maps app will guide you using different types of vibrations.

Different vibration patterns will let the user know whether to turn right or left. Apple claims it will allow its users to use navigation without looking at the screen with this method. The device charges through a magnetic charger.

The watch users will also be able to make payments through Apple Pay, an NFC based payment method which enables contactless payments.

Pricing for the Apple watch will start at $349 and will be available in early 2015.