When Motorola this week kicked off a new competition that gave participants the chance to win a Moto 360 smartwatch, the company mentioned in its terms and conditions that its gorgeous new wearable’s “approximate retail value” is $249.

That’s not a bad price for what is shaping up to be by far the best smartwatch yet, but before you get your hopes up too much, you should know that Motorola is now debunking reports that suggest this will be the device’s actual retail price.

The Moto 360 is the smartwatch that has it all. Its tasteful, elegant design resembles that of a traditional wrist watch, and it’s set to be one of the first devices that will run Google’s exciting new Android Wear platform, which was built specifically for wearables.

Anyone with even the slightest interest in smart devices has been following Moto 360 developments closely since the device was announced back in March, and so it’s no wonder news about a possible price tag spread so quickly after Motorola announced its Moto 360 “Face-Off” contest earlier this week.

In its official rules document, Motorola states the Moto 360’s approximate retail value is $249, but it has since dismissed suggestions this will be its final price tag. In a comment on a Google+ post, the company said:

Thanks for your excitement around our Moto 360 Design Face-Off contest! We want to make clear that the “Approximate Retail Value” (ARV) indicated in our rules is included for tax purposes only and should not be interpreted as the suggested retail price of the Moto 360 when it becomes available for purchase.

Motorola has since refused to confirm the Moto 360’s price tag ahead of its launch, but it’s thought it won’t be too far off that ARV. And with competitors like the Galaxy Gear 2 and the Qualcomm Toq priced at $300, it would be hard to complain at $250 when you’re getting Android Wear.

• SourceGoogle+
• ViaBoy Genius Report