As every good collector knows, the smallest of changes can make a huge difference to watches. Panerai is revising its most important model, the Luminor Marina. The PAM01312 becomes the PAM03312. Same, same, but (totally) different? It’s a game-changer, says Swisswatches expert Joern Kengelbach.
First impressions: Does the new Panerai suit my wrist?
I travelled to Berlin for the photo shoot with mixed feelings. On the one hand, I always look forward (who wouldn’t?) to being able to wear and discuss a model exclusively in advance and away from the stress of the trade fair. On the other hand, I know my physical limits.
We are talking about a watch with a 44 millimetre case diameter. This is completely normal for classic Panerai watches – as every Panerai enthusiast knows – and historically speaking, even on the smaller side. For me, however, this is a problem: the largest diameter I can usually wear is 41, maybe 42 millimetres at the most. I have small wrists. Can that work?
70 years of the Safelock system – Panerai’s milestone
To mark the 70th anniversary of its famous Safelock system, the most important model from the company (which has its headquarters in Milan and manufacture in Neuchâtel, Switzerland) has now been redesigned in every detail. Changing an icon is a challenge for any company. Read here to find out whether Panerai has accepted the challenge.
As an expert, there is a tendency over time to rarely deviate from the opinions that have been built up over the years and have been pre-conceived at some point. Pigeonholing is particularly widespread among watch nerds – and often prevents us from taking a fresh look at important developments.
I feel the same way about Panerai. No question, I love the brand. The comeback story under the leadership of Richemont since 1997 (then still the Vendôme Group) is a prime example of modern brand building in every respect, but also of the fact that for a wristwatch icon with long-term success, it has always played a part in an important piece of technology or human history.
No question: Panerai has an extremely good history
Founded in Florence in 1860, Panerai is celebrating its 165th birthday this year. When it was taken over by today’s Richemont Group 28 years ago, the company was looking for a genuine sports watch brand with a real history. And voila – Panerai was just what they needed.
Unfortunately, telling the whole story here would go beyond the scope of this article. For those unfamiliar with the brand, the first Panerai watches were powerful diver’s watches, basically waterproof pocket watches with cases and movements from Rolex (Guido Panerai was looking for reliable movements), which were modified for the early Italian navy.
At the time, combat diving was uncharted technical territory, comparable to space travel today, extremely demanding and extremely unexplored. Diving was exclusively for the military! These watches had to prove themselves in the First and Second World Wars. I can tell you that the watches often lasted longer than their wearers.
Until the nineties, watches were built exclusively for the military. And if you are planning a holiday in Italy: be sure to visit Florence, where you will find the founder’s first shop directly behind the cathedral.
Radiomir, Submersible and, of course, Luminor
There were – and still are – three model lines at Panerai: the Radiomir, the Luminor, and the Submersible. The term Submersible is the simplest, coming from the word for submarine. This diver’s watch goes back to a model for the Egyptian Navy in 1956.
Radiomir dates back to the first watch created by Panerai, in 1916, when the radium in the luminous material was developed into a radium-based powder to make it easier to read instruments and targeting devices.
Radium was the only luminous material available for military watches until the 1930s and 1940s. Highly radioactive. You should have a Geiger counter with you for historical Panerais.
Today, of course, the safety-approved Superluminova luminous material is used. We’ll find out exactly which one in a moment. This is where the name of the most important Panerai line comes into play, the Luminor: the Latin-speakers among you will think of luminosity, and that is exactly right: in 1949, Panerai had this term protected for its particularly luminous diving watches with the legendary crown protection bridge.
The new Panerai Luminor Marina in detail
With this watch, Panerai does everything right – and offers even more.
The biggest challenge for every retailer, but also for us watch platforms, in the last three years following the pandemic has been to justify exploding prices while maintaining the same level of performance. The global market is weakening for various reasons: one reason is the collapsing Chinese market, another is that the performance promise is often no longer true.
The exception is the top segment, where you can spend at least 30,000 euros on a three-hand steel watch, which customers will pay this without hesitation – because these models are so popular that they can still be sold on the secondary market at enormous mark-ups. Things are different in the core segment between 5,000 and 10,000 euros: this market is highly competitive. Here, it is not only the traditionally performance-orientated, saturated markets such as Germany that count. The question is: where can I get value for money?
Thankfully, Panerai is addressing precisely this issue by keeping the price of the new PAM03312 at 8,900 euros – despite significantly better technical data. This is particularly remarkable in view of the competition.
Will existing customers now be disappointed?
Of course, some will grumble and say: if the price remains the same and the performance increases, previous buyers must have been ripped off. I see it differently: when it comes to iconic watches, collectors often love minor changes to certain model years. Moreover, performance values such as higher water resistance are not decisive for every buyer. It’s also important to remember that what used to be standard is judged differently today. When the previous model, the PAM 01312, was introduced in 2021, the general conditions in the industry were different, as were tastes.
Panerai has not only invested in a huge distribution network worldwide, which ultimately benefits the brand value and also customers in the event of servicing, but also the new calibre was simply not available for the old model. The new, slimmer calibre was simply not available for the old model. A new calibre is a huge investment for companies. The click system for the bracelet was also not an issue in the past, whereas the next generation of customers can no longer be expected to go to the retailer to change a watch bracelet or get a screwdriver out of their pocket themselves (incidentally, the predecessor already had a change system since 2017 – but not as elegant as the new watch).
The important thing is that each model year stands for itself, revitalises the history of the model – and ultimately makes the Panerai Luminor even more iconic, to the extent that this word can be used at all.
Wrist check: The blue Panerai Luminor Marina PAM03313
When I put the blue Panerai Luminor Marina with the crocodile strap on my wrist, I immediately feel the enormous presence that this watch gives the wearer. Shortened lugs, a discreetly slimmer case, finally a sapphire crystal caseback again – everything is just right at first glance. And there’s no question about it: wearing Panerai watches was and remains a statement.
While I initially dismissed the minimal changes on paper as negligible trifles, you can feel them immediately on the wrist. The new lugs in particular make this watch wearable for me for the first time. As I mentioned at the beginning, I can’t normally wear watches over 41 millimetres. Yes, the watch remains large and bulky on the wrist. But interestingly, that’s exactly what I like about this model.
Dress watch or sports watch? A Panerai is a statement watch
Even if many Swiss watch collectors tend to change the entire model to suit the occasion (lucky us!), for me, the Luminor is particularly suitable for buyers who perhaps only want to own one watch. It is just as good a sports watch – thanks to the rubber strap supplied – as it is a very good dress watch for everyday wear and business appointments.
This is precisely where the easy-to-use, patented ‘PAM Click Release System’ comes in. Better still: Panerai is currently the only company in this price segment to supply leather and rubber straps together – and is also very relaxed when it comes to purchasing additional straps.
For example, unlike some other brands, Panerai does not actively prevent buyers of the black PAM003312 from also purchasing the NATO olive-coloured rubber strap that better suits their style.
Three dial colours, three rubber and three leather strap types
Customers can therefore choose from three rubber and three other crocodile leather strap types and thus also colours. The legendary stainless-steel bracelet from Panerai can also be purchased without restriction, making this watch extremely versatile in everyday use.
With the PAM03323, Panerai is also presenting a version with a blue dial and the famous Luminor stainless-steel bracelet, whose design is based on the look of the Safelock system and significantly changes the character of the watch once again. Customers of the leather or rubber strap versions can also purchase this strap separately. Nice!
The whole thing is therefore not entirely trivial, because you are now dependent on the manufacture’s straps – and the customer naturally wants a wide variety here if he also commits himself solely to the manufacture’s straps.
You can recognise the new Panerai Luminor models PAM003312, PAM03313 and PAM03314 by these details
Let’s take a closer look at the new model – in my case the blue PAM03313. Connoisseurs will recognise it by two details: for the first time, the second hand is no longer blued but rhodium-plated. The ‘Automatic’ lettering on the sandwich dial has also been removed.
Instead, the date window now appears to be cut out to a better standard, which makes it much easier to read. However, it is the inside of the watch that is decisive: the new P.980 calibre not only has a stop second, but is almost 2 millimetres slimmer than its predecessor – with the same dazzling three-day power reserve.
The slenderness of the movement has consequences: it now allows for a 13.7 millimetre flat case, whose water resistance has even been increased by a whopping 200 metres, to 500 metres, despite the sapphire crystal caseback. Connoisseurs know that Panerai even tests its watches 25 percent further – to 625 metres.
The numbers are one thing. What I particularly like is that this watch comes with a sapphire crystal caseback despite the case thickness being reduced by 2 millimetres – something that has been done before: the PAM00312 launched in 2009 and the PAM01312 launched in 2017. Only the model that has been on the market since 2021 didn’t have it. I suspect that this was a simple way of reducing the thickness of the casing, as mentioned above.
Also not to be overlooked: for the first time, Panerai is also using the new Superluminova X2 luminous material, which provides a further 10 percent more luminosity.
Slimmer does not mean less striking
Of course, values such as a 12 percent reduction in case height and a 15 percent reduction in weight don’t mean anything at first. You have to wear the new Panerai Luminor Marina on your wrist.
And it is precisely in the area of wearability that the new Panerai Luminor Marina PAM03312 proves its worth. Added to this is the truly outstanding ‘PAM Click Release System’ quick-change strap system: the straps can be released in just a few seconds at the touch of a button on the underside of the bracelet, without the risk of accidentally losing the watch on the move.
I particularly like the fact that the character of a bracelet with a fixed bar has been retained 100 percent. The iconic look is 100 percent retained. Que Bellissima!
Are there no points of criticism?
It has to be said, this article reads like a hymn of praise. Mea culpa – if something is good, it has to be called good. In my opinion, the only point of criticism for Paneristi could be that rhodium-plated surfaces are used for the minute and second hands and not – as with the predecessor from the sixties – the charming gold tones.
However, this does make the watch more versatile in terms of how it can be combined with your own wardrobe. I notice this the first time I try it on. And who knows: Panerai may want to save some details for special limited edition models.
But for a watch where the price remains the same but the movement has been renewed and all the technical specifications have been improved, there is simply not much to criticise.
Who is the Panerai Luminor Marina for?
Even if the term ‘dress watch’ for a 44-millimetre watch sounds a bit far-fetched – that’s exactly what this model was for me, always with the word ‘statement’ in front of it.
Perhaps the term ‘statement watch’ is generally more accurate: perfect with blue jeans, this watch also goes well with a jacket. On one condition: you should have a little self-confidence with a watch like this, as it is not designed to be hidden under the cuff.
But then anyone can be happy with this watch – especially if it is to be a real companion through life. The quick-change strap system turns the model for a business meeting into one for a swimming trip and vice versa. And with the steel bracelet, you even get another facet – be it for a club evening or other occasions.
Spoilt for choice: the classic, the elegant or the sporty Panerai?
There’s only one question I can’t really answer: While I wore the PAM03313 with a blue dial, the classic alternative would of course be the model with a black dial, the PAM03312. The variant with a white dial, PAM03314, seems a little too loud to me at first glance, but is much sportier.
But let’s be honest: this is really a matter of taste. I would probably recommend the traditional black dial to first-time buyers – and recommend a Nato olive-coloured rubber strap and a blue crocodile strap to be prepared for all occasions. How nice that Panerai intends to launch a whole range of bracelets here. My personal wish: one in brown natural leather would be great to get as close as possible to the historical references such as the 6152/1.
These four elements characterise the design and function of the Panerai Luminor Marina
Let’s return to the original point: as mentioned at the beginning, the most important recognisable feature of the watches is the Safelock system, which was first introduced in 1955 to protect the crown of the Luminor Marina from shocks.
In addition, there is the sandwich dial, which was introduced in the 1930s. The luminous material is located in a second layer underneath the dial, while the numerals and indexes are cut out. This allows for a significantly greater luminosity than a surface-mounted luminous material.
The third recognisable feature is the small second at 9 o’clock, which first appeared in the 1940s. This enabled the divers to recognise at a glance whether their watch was still working – or had possibly stopped. Not entirely unimportant in combat.
Back to the watch prices
What is the price range of the three new variants of the Panerai Luminor Marina?
There are three variants:
- the ‘classic’ PAM03312 with a black dial
- the ‘elegant’ PAM03323 with a blue dial (which I am wearing)
- the ‘sporty’ PAM03314 with a white dial
They all cost 8,900 euros – including a second rubber strap in the same colour as the dial.
Putting the prices into context
Rolex is currently pricing its Submariner Date 126610 in a 41 millimetre stainless steel case and with 300 metres of water resistance at 10,600 euros. The 43-millimetre Sea-Dweller, which is water-resistant to over 1,200 metres, is priced at 13,650 euros in steel.
The IWC Aquatimer is currently priced at 7,500 euros with a steel bracelet and a water depth of 300 metres. However, the Schaffhausen-based company charges an additional 310 euros for a rubber strap that fits the quick-change system. The movement with a 120-hour power reserve is also concealed behind a steel back in the 42-millimetre case.
Omega is also slightly below Panerai with the Seamaster Planet Ocean 600M in 43.5 millimetres – at 7,700 euros and a 60-hour power reserve. However, it comes as a Master Chronometer certified watch. The iconic James Bond Edition of the Seamaster 300M with a titanium case and Nato strap is priced at around €9,700 and is therefore roughly on a par with the Panerai.
The big question is: Are these brands really competitors?
Let’s get it straight from the start: many Panerai wearers I know would never strap on a Rolex – and conversely, many Rolex wearers would never strap on a Panerai.
At IWC, those customers who like Panerai’s historical reference to nautics would – understandably – tend to favour aeronautics, i.e. pilot’s watches. The Schaffhausen-based company has an iconic history in this area.
And when it comes to the Omega Seamaster, you have to honestly ask yourself whether this is not more of a classic diver’s watch customer who is looking for a fully functional diver’s watch with a rotating bezel as a real instrument.
The two most valuable Panerai Luminor models
The record for the sale of a Panerai Luminor was set at a Sotheby’s auction in Geneva in 2014. The 1955 model in stainless steel was sold for a record bid of 425,000 Swiss francs. (However, this model still had a classic winding crown.)
Credit © Sothebys
The most famous model in the series was sold at auction in New York in 2020. I still remember the film Daylight with Sylvester Stallone – that was at the time of the big cinema blockbusters, ten years before the first iPhone and a good 15 years before Facebook.
Credit © Phillips
It is no exaggeration to say that Stallone – and in particular his voluntarily worn Panerai – played a key role in bringing the Panerai brand from a little-known watch manufacture into the global spotlight. Stallone wore this watch in every scene of the 1996 film Daylight.
Credit © Phillips
The auction, led by the world’s most important auctioneer, Aurel Bacs, lasted all of five minutes: Stallone’s Luminor sold for 215,000 dollars. All you have to do now is make a Hollywood film in which you save New York – you already know the right statement watch from Panerai.
The evolution of the Luminor Marina models – which ones should you know as a collector?
Finally – for all those who want to know exactly – a look at the model history: which Panerai Luminor models should you know (and possibly own as a collector)?
Collectors should not be confused by the early models. These were genuine tool watches that were repeatedly modified. Since the early 1960s, the Radiomir dials of many Panerai models have been continuously replaced by those with Luminor luminous material.
This has led to much confusion in the past, but will not be discussed here. The first models with the crown guard, patented in 1955, also appear in the Egiziano from 1956 (GPF 2/65) as well as in the reference 6562/1 from 1958.
One thing is certain: it all started in 1962 with the first models bearing the Panerai Luminor or Marina Militare name on the dial – which later became the iconic Panerai Luminor Marina.
The eight most important historical Luminor milestones in detail
Of course, we start with the Ref. 6152/1 from the 1960s, which combined all the aforementioned design principles of the Luminor in one watch for the first time. However, this watch was huge with its 47-millimetre case. It was fitted with the Angelus SF240 movement with an eight-day power reserve.
When Panerai sold watches outside the military for the first time in the 1990s, around 200 examples of the first 44-millimetre Luminor Ref. 5218/203-A were produced. This watch was the first to bear the current name Luminor Marina. The compact case with short lugs was made of black PVD-coated stainless steel.
It was followed by a kind of hybrid of the first two models when Richemont took over the company in 1997: the PAM0001 was housed in a Ref. 5218 stainless steel case, but – as in the 1960s – it was fitted with a hand-wound calibre based on ETA-6497/2, the so-called OPII. The sandwich dial was dispensed with and the tritium luminous mass was printed on.
This was followed in 2002 by the first Luminor Marina with an automatic movement – the PAM00104, also in a 44-millimetre case. The OPIII movement was based on the Valjoux 7750-P1. This watch is easily recognisable by the magnifying glass on the watch glass, similar to watches from its well-known Geneva colleagues.
In 2006, Panerai returned to a much more classic style: the PAM00204 was modelled on its sixties predecessor with a case size of 47 millimetres. It also featured the legendary sandwich dial with cut-out numerals and indexes for the first time. With the historic 8-day Angelus calibre SF240, the brass look of the hands and other details, this watch is probably the model that came closest to the original.
The five direct predecessors of the new Luminor Marina
The next technological leap was made in 2009 with the PAM00312 and the switch to the in-house P.9000 automatic calibre with a three-day power reserve. An open sapphire crystal caseback was installed for the first time.
This model was produced for many years until the PAM01312 was released in 2017. In this version, the revised, slimmer Panerai calibre P.9010 was installed for the first time – including stop seconds.
In addition, the then-new Superluminova luminous material type X1 was used, which glowed in a vintage beige tone (instead of the previously used green tone). A characteristic feature of this watch was the small seconds at nine o’clock with a blued hand. It also had an open caseback and, for the first time, the straps could be easily changed by the wearer. The water resistance remained at up to 300 meters.
This model is not so easy to distinguish from the PAM01312 that was previously on sale – although it was revised again in 2021. Green Superluminova was used again in this revised version. At the same time, the case thickness was reduced from 15.6 mm to 15.45 mm by eliminating the sapphire crystal caseback. However, the movement no longer had stop seconds.
The even lighter titanium model as an alternative
Finally, it should not go unmentioned: Anyone who – like me – can now suddenly wear the 44 millimeter Luminor Marina with the shorter lugs, but is still less able to cope with the weight of the watch, should take a look at the equally new Luminor Marina Titanio PAM003325 with olive green dial.
Titanium first appeared in Panerai’s Submersible line in 1998. The new model is significantly lighter, but also more expensive.
Panerai – On the way to new shores
I have to confess by way of conclusion: I haven’t personally worn any Panerai watches up until now, because the iconic Luminor model was simply too big for me – even though I really like its unique look and history.
Of course, I also know the brand’s smaller models well: I was there when the first Luminor Due was presented in an opera house in Florence in 2016 – and its smaller sister, the Due 38, in Geneva in 2018. Even if some hardcore Panerai fans smirked at my enthusiasm at the time: these watches were crucial for the brand and its future in terms of opening up to new target groups.
I was also there when Panerai presented its most complicated watch to date: the Panerai Radiomir 1940 Minute Repeater Carillon Tourbillon GMT. Only a fraction of Swiss manufactures can produce such highly complicated models – Panerai is one of them. A good collector’s market must also evolve with the times – in terms of case diameters – while remaining true to the iconic models. Welcome to Panerai.
Outlook: A new CEO for Watches & Wonders 2025
All this requires capable CEOs who think long-term. I know the recently retired CEO Jean-Marc Pontroué from the time when he was head of a completely different brand – Roger Dubuis. I met his predecessor Angelo Bonati at various occasions for over a decade.
It is thanks to Bonati that Panerai became a cult brand – because he resisted constantly bringing out new models for long enough. Instead, he preferred to consistently upgrade the two lines Radiomir and Luminor, developed the Submersible in parallel as a genuine diver’s watch and only brought out the rarer Mare Nostrum as a special edition.
Apart from new sizes, new movements and new materials, his successors also remained true to this line.
It will be exciting to see how the recently appointed Emmanuel Perrin, who has been officially in office for three days, rises to this challenge. He doesn’t have to change much – because even the smallest details make the decisive difference to the perfect watch.
