This is a Bulova Ladies Art Deco (1929) in 14K White Gold with Real Sapphires (4) and Diamonds (2). Everything is original to the watch except for the crystal, a new one was installed.
I believe this watch is the Penelope, although mine is in 14K gold, not 18K gold.
1929 Penelope
here is in 14kt

A great old watch in very good condition cosmetically, I'd say 1929 Penelope. Maybe we need to also have '14K' as part of the ID?
In reply to A great old watch in very by Reverend Rob
It is running too....Love this watch.
This makes 3 for Penellope. Nice watch!!
Dear TexasLady, your watch is a 1928 Penelope. I say 1928 since we tend to date the watch in line with the case and not the movement that is from 1928. Your case starts with the number 8 which stands for 1928 (there are some exceptions, but that is a long story). You Penelope is very special. The watch was advertised only in 1925 and 1926, and as a result, all Penelopes I have seen so far, and that could be as many as 20, are all from those years. Very big surprise to see one from 1928! Very special! Enjoy it.
1929 Bulova Penelope