It is a soild white gold bezel, hidden in a watch of steel.
The designers had a brief...to create a watch of "non color"..as in the 303..you can see that it is neither a balck face watch, or a white. It is also neither gold nor steel.
The message/intent of using WG in the bezel is to "hide" ostentacity. The font of the words "Bulgari.Bulgari" has been changed to make the letters appear to be random lines or design cues. On a random test with markets that are not aware of Bulgari..the words may as well have been in cyryllic or spelt "Artery.Artery"...well..at least they tried. Chuckles.
I will post some incredible viwes of the watch's work that is visible to the naked eye. Above, in a new thread.
Thanks for reading guys! And gals.