Warren Buffett has notably been cautious about tech stocks in the past, famously saying that he doesn't invest in businesses where the tech is beyond what he understands. While Berkshire Hathaway invested in IBM six years ago, and in Apple last year, both companies are well-established blue chips by this point.

On the other hand, wearables are a much more speculative -- and so far, unproven -- bet. But Buffett is taking the plunge.

Berkshire Hathaway's Richline Group, which focuses on jewelry, will be launching Ela (Elegant Lifestyle Accessories) in the spring, as previously reported by ZDNet. The smart jewelry allows the wearer to set custom color and vibration alerts that will notify them when they are getting a call or text message from certain senders.

The wearables industry grew only 3.1 percent year-over-year in the third quarter of 2016, according to IDC, and one of the category leaders, Fitbit, just laid off 6 percent of its workforce (110 people) after acquiring software and intellectual property from rival Pebble.