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I'm thinking that it might be nothing more than a simple electro-mechanical "relaxation oscillator" consisting of an oversize balance wheel with attached permanent magnet that is put into motion by an electromagnet that is triggered by a set of switch contacts that are momentarily closed perhaps by a post on the wheel. The diode likely is used to damp the coil ringing when the switch contact is broken. A few plastic gears then advance the hands when kicked by the balance wheel motion.
Just a WAG,
jr
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