Yes.
Just remember to buy a good one; no cheap fakes or bling-bling watches. If you choose good Omega, Tag-Heuer, Breitling or Rolex...you can always wear it by yourself if gift is not succesfull after all.
I have done that, I bought to Mrs. mens Tag-Heuer Aquaracer. It was funny, first she was a bit insulted about fact that I bought her a mens watch. She tried it every now because I said that it look fantastic on her small wrist. Then one day she saw that same model in AD and realized what it costs.

She was horrified because all other her watches costed less that 100 euros.
What is funny, immediately after that Tag became her daily watch. Now she is wearing mens watches only. (Nowdays Tag-Heuer's chrono that I was not wearing. I shortened its bracelet and asked Mrs. to try it. Now Its her favourite watch...)