Pickering emulsions stabilised with nanomaterials provide routesto a range of functional macroscopic assemblies. We demonstratethe formation and properties of water-in-oil emulsions preparedthrough liquid-phase exfoliation of graphene. Due to the functionalnature of the stabiliser, the emulsions exhibit conductivitydue to inter-particle tunnelling. We demonstrate a strain sensingapplication with a large gauge factor of ∼40; the highest reportedin a liquid. Our methodology can be applied to other two-dimensionallayered materials opening up applications such as energystorage materials, and flexible and printable electronics.