Injection Molded Multicolor Rubber...How's it Done?

[rideac1]

See below for sample of decorated multicolor rubber that I would like to know how is manufactured. I am a plastics engineer at the beginning few years of my career at an injection molding company and we need to know how this can be done as we have a possible customer with a similar requirement.
I have one of these watchbands and some of the colored rubber overlays have come off the main black base and it looks to me like the details are almost dipped or painted to get the colored details. They are not injection molded onto there and are done nearly perfectly.
The Navy Seal insignia on the one side of the band has small details and is quite impressive in how this was made.

 

[GrahamBennett]

Wow. Those mouldings would be very difficult and expensive to injection mould in my opinion esp the emblem in the middle photograph. They would probably be best compression moulded as separate colours, then built up and, finally, the black part moulded around them to lock all the individual parts together.

 

[rideac1]

I agree that it would be very difficult and expensive to injection mold. I almost positive they are not injection molded as there's no visible gates and are so perfect which is nearly impossible to do with rubber molding.
From examining band that I have that began coming apart, the black background of the "Lumi Nox" shield is the base component with raised letters as part of the black. The black and white letters are a very thin layer of rubber that is on top of the raised black letters. It's done so perfectly which is why I can't figure out how it's done. The black and white letter layers are so very thin also and don't seem to be attached via glue.