Don't try to do this yourself, that little dot will grow to be a big red dot in your checkbook. This little dot requires surgical precsion to remove. Not a beginner's project. Unless it is a fake watch, then go ahead and dig in.
If it is a true Rolex they require a special wrench that grips the tiny serrations around the base of the back. You will need to take it to a watch repairman, the tool is very costly.
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