At the product launch event held by Apple at its Cupertino, California, headquarters on March 21, the key focus of the company was on two main products --- a smaller 4-inch iPhone dubbed 'iPhone SE;' and a new 9.7-inch iPad Pro tablet. However, the company also made a few announcements related to its Apple Watch smartwatch.

Among the Apple Watch-related news at the March 21 product launch event was the disclosure by Apple that the cost of the Apple Watch -- which hit the markets in April 2015 -- is being slashed marginally for the entry-level Sports model of the smartwatch.

According to Apple's announcement, the price of the 38mm model of the Apple Watch Sport version is being reduced from $349 to $299 in the US. The cost of the mentioned model in the UK has been listed starting at £259; while, in the Apple Australia store, it is listed starting at AU$429.

Along with announcing the price cut on the Apple Watch Sport model, Apple also unveiled a wide array of new bands for the Apple Watch. The most noteworthy among the new Apple Watch bands introduced by Apple are a woven nylon band which is available in four different color options, and a "space black" version of the Milanese Loop.

In addition, Apple also announced a number of new colors of the sport and leather straps for the Apple Watch.