What a cool DSM! I guess that the module might've been probably made by Ness, as the display looks very similar to the one of your Gladius DSM, which uses a Ness module. Maybe the setting was done with a magnet, like the ladies version of Microma LCDs.
EDIT: It seems that it has a reed switch, judging by this picture:
So I guess that there are two reed switches at each side of the watch, which makes me think it's a magnet-set model.