Apple had said that the Apple Watch would be priced starting at $350, which was assumed to be of the aluminum model. Apple

The upcoming Apple Watch, the company’s first smartwatch, is likely to be released on Feb. 14 and could cost up to $5,000 for an 18-karat gold edition, a report said Tuesday, adding that a mid-tier steel model of the device could be priced at $500.

According to the report from French website iGen, the Apple Watch featuring stainless steel cases is expected to retail at $500, while the Apple Watch "Edition" models, crafted from 18-karat gold, could cost between $4,000 and $5,000. In addition to gold, the Edition versions of the device could also feature a sapphire crystal and provide a variety of strap options.

Apple had previously announced that the Apple Watch would be priced starting at $350, a tag widely assumed to be of the aluminum model. Subsequent speculation has suggested that the gold Apple Watch could cost as low as $1,000 or as high as $5,000, AppleInsider reported, adding that there has been little information about the stainless steel model's price until now.

The iGen report also stated that manufacturers and resellers are preparing for the release of the Apple Watch sometime in mid-February. However, Angela Ahrendts, Apple’s senior vice president of retail and online stores, said last week that the device would release in the spring of 2015.

“We're going into the holidays, we'll go into Chinese New Year, and then we've got a new watch launch coming in the spring,” Ahrendts reportedly said.

Before the official Apple Watch announcement, KGI analyst Ming-Chi Kuo had said that the device might be available in two sizes and multiple models with various price points, AppleInsider reported.