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Notice that a jewel has a small basin in it. To even further reduce energy losses of the rotating components, a small amount of special oil is placed in that cavity. That oil sticks to the jewel and a shaft that rotates inside it to further decrease the friction, which lets the watch run longer on a single wind, while also reducing wear on the delicate mechanical parts.
As long as the arbor is held, the mainspring can power the rest of the watch – you can see the rotation of the second hand attached to the fourth wheel on the other side of the watch. However, as we let the arbor go the mainspring finds an easy way to release its tension by just turning the arbor back – the spring quickly losses all its stored energy and the watch stops.