The configuration 44mm Series 5 GPS + Cellular Watch which has a gold aluminum case along with a Pink Sand Sport band is being sold at a discount of around 15 percent.
Another configuration 44mm GPS + Cellular watch with a stainless steel case and a white sport band, under the refurbished devices scheme, is available for $639, which is $110 less than the original price of $749.
In general, refurbished goods are used goods that are officially repackaged with new packaging, are certified for reselling, and are sold at a discounted rate. You can read more about refurbished goods here.
According to Apple, all refurbished Apple Watch models are thoroughly cleaned and tested for full functionality and come with the original or an updated version of the operating system. Furthermore, they are repackaged in a new box along with all the accessories (which are also new) so that they are indistinguishable from brand new units.
A refurbished Apple Watch also ships with one year of device warranty which becomes applicable the moment the Watch is delivered. However, you can extend the warranty for an additional year by purchasing AppleCare+ Apple Watch. The delivery is also free.