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Looks that way from the photos.

 

Hard to say without seeing it.  The Cote de Geneve I do believe is machine applied.  The gold lettering might not be gold plating, but just a brass movement showing through, and they covered that area with a gel before rhodium plating the movement.  I'm not sure.  But overall, yes, does look like this version 2 costs a little less.  The V2 platinum rotor looks bigger!  Maybe there's a tiny bit more platinum in there?  Possibly?  And maybe V2 winds better. 

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