A small 19th century boxwood  stand used by watchmakers. to safely hold a watch movement while working on it. These stands are typically made from a non scratch smooth surface, such as wood,  to avoid damaging small parts. This would probably have been used either with a felt or cork pad or a removable ring that would cradle the watch movement and prevent it slipping. Sometimes these stands were used when the watch movement was already in a case or mounted in a holder and the rim was there to centralise rather than securing the piece.
It measures 6cm h x 8cm w.