Techniques are disclosed for rendering a watermark on content in a manner as to not obfuscate or otherwise cause visual defects to data elements in the content. An example methodology implementing the techniques includes segmenting a watermark to be rendered on the content into multiple watermark pieces. Then, prior to rendering a particular watermark piece, a check is made to determine whether there is a data element at the location in the content at which the particular watermark piece is to be rendered. If a data element is detected at that location, the particular watermark piece is rendered such that the data element overlays the particular watermark piece to render the watermark as a masked watermark. Otherwise, if no data element is detected at that location, the watermark piece is rendered on the content to be visible. The process is repeated to render the remaining watermark pieces.