Florence, September 10, 1993: a legendary moment when Panerai emerged from its classified past and into public view. From the 1910s, when the first documents attest to initial commissions for the Royal Italian Navy, until 1993, Panerai watches were exclusively worn by military personnel. Conceived as precision instruments built to withstand the most challenging missions of the Italian Navy, they were shrouded in military secrecy. It was only in 1993 that these functional timepieces became accessible to the civilian public for the first time, bearing the hallmarks of purpose-built design and marking a breakthrough moment in the world of watchmaking. This year, on the anniversary of its 1993 debut, Panerai unveils “The Depth of Time” a historical exhibition honoring its legacy as a supplier to the Italian Navy and celebrating the pivotal moment that launched Panerai’s ascent as an international name in mechanical watchmaking.

“We are proud to unveil “The Depths of Time”, exhibition, where connoisseurs and watch enthusiasts can discover the secrets of Panerai’s legendary past and the heritage that defines our distinctive identity. The exhibition offers a rare behind-the-scenes look at the birth of Panerai’s distinctive features, which have evolved into a design that is now unmistakable and recognized worldwide. Each innovation originally served a functional need, and each contributed to defining the Maison’s identity. Through the lens of history, we explore the hallmarks of the brand’s unique identity, showcasing how a family-owned business, in less than a century, captured the public’s attention with its compelling allure and became a recognized name in the luxury watchmaking industry.” says Emmanuel Perrin, CEO of Panerai.

To commemorate this momentous occasion, Panerai hosts an exclusive preview event, welcoming clients and press, and presents the new Luminor Marina Militare PAM05218 – a timepiece directly inspired by that transformative moment in the brand’s history. This new model is a faithful reinterpretation of the Luminor ref. 5218-202/A created exclusively for the Italian Navy personnel and introduced in 1993 after the presentation of the first Luminor ref. 5218-2021/A and Mare Nostrum 5218-301/A to the civilian public.

The exhibition retraces the trajectory of Panerai’s evolution—from its foundational role as a supplier to the Royal Italian Navy to its emergence in 1993 as a watchmaker known beyond the world of defence. On show are never before seen archival materials, including personal correspondence between the Panerai family and the Marina Militare, technical drawings, early catalogues, and original historical photographs. Instruments such as compasses and depth gauges are displayed alongside historical watches and reproductions of historical patents that document Panerai’s groundbreaking work in luminosity, underwater readability, and instrument design. The narrative culminates in the historic debut aboard the destroyer Luigi Durand de la Penne (D560) in the presence of Amedeo of Savoia Aosta, son of Duke Aimone di Savoia founder of the Assault Craft of the Italian Royal Navy —a moment that signalled the beginning of Panerai’s life as a civilian-facing brand, without compromising its DNA of engineered precision and rugged utility.

The “Depths of Time” retraces the trajectory of Panerai’s evolution—from its foundational role as a supplier to the Royal Italian Navy to its emergence in 1993 as a watchmaker known beyond the world of defence. On show are never before seen archival materials, including personal correspondence between the Panerai family and the Marina Militare, technical drawings, early catalogues, and original historical photographs. Instruments such as compasses and depth gauges are displayed alongside historical watches and reproductions of historical patents that document Panerai’s groundbreaking work in luminosity, underwater readability, and instrument design. The narrative culminates in the historic debut aboard the destroyer Luigi Durand de la Penne (D560) in the presence of Duke Amedeo d’Aosta, son of Duke Aimone di Savoia founder of the Assault Craft of the Italian Royal Navy —a moment that signalled the beginning of Panerai’s life as a civilian-facing brand, without compromising its DNA of engineered precision and rugged utility.

Held at the Florence Flagship store, the Maison’s birthplace, and running for two months from September 10^th, the exhibition offers an unmissable opportunity to discover the history of the watch brand before it became a brand available to the public. The Florentine exhibition marks the start of a global tour that will travel to the US and China after its European run.

Luminor Marina Militare PAM05218 revisits one of the most significant milestones in the Maison’s modern history. Unveiling on September 10^th, 2025, in conjunction with the opening of the exhibition “The Depths of Time,” it pays tribute to Luminor Marina Militare ref. 5218-202/A, which also debuted in 1993, the same year as Luminor ref. 5218-201/A and Mare Nostrum ref. 5218-301/A.

Luminor Marina Militare PAM05218 revisits one of the most significant milestones in the Maison’s modern history. Unveiling on September 10^th, 2025, in conjunction with the opening of the exhibition “The Depths of Time,” it pays tribute to Luminor Marina Militare ref. 5218-202/A, which also debuted in 1993, the same year as Luminor ref. 5218-201/A and Mare Nostrum ref. 5218-301/A.

The Luminor Marina Militare ref. 5218-202/A was a timepiece exclusively offered to Marina Militare personnel, while Luminor ref. 5218-201/A and Mare Nostrum ref. 5218-301/A were the first two references available to the Civil Market and unveiled on 10^th September 1993, aboard the Italian destroyer ship Durand de la Penne (D560) in the presence of Amedeo of Savoia Aosta, son of Duke Aimone di Savoia founder of the Assault Craft of the Italian Royal Navy.

“With “The Depths of Time” exhibition, we invite enthusiasts and newcomers alike to discover the captivating evolution of Panerai, from our historical role as a supplier to the Royal Italian Navy to our rise as a brand in luxury watchmaking. The new Luminor Marina Militare PAM05218 celebrates a milestone: the unveiling of secrets and the birth of the Panerai legend” says Alessandro Ficarelli, Chief Marketing and Product Officer of Panerai.

For the first time, Panerai reinterprets the original reference in this configuration, remaining faithful to its historic codes while subtly enhancing the construction. The 44mm diameter of the case is maintained, recalling how the original ref. 5218-202/A marked a departure from the standard 47mm cases typically supplied to the Marina Militare. This change reflected Panerai’s mission to create a watch that retained the essence of larger cases while incorporating a minimalist and modern aesthetic, resulting in a clean and linear design. This daring design choice set a new benchmark for the watch industry, cementing Panerai’s status as a leading player and trend setter in the world of horology.

The 44mm steel case of PAM05218 is now coated in DLC (Diamond-Like Carbon), offering a color finish visually consistent with the original PVD treatment of the 5218-202/A. This results in a striking all-black case, preserving the appealing aesthetic of the original ref. 5218-202/A, which stood out among the other steel references presented in 1993. DLC is a carbon-based coating applied to metal surfaces that offers hardness, resistance to wear, and corrosion protection—while giving the case its distinct black appearance.

The watch is powered by the P.6000 calibre—a hand-wound movement with a three-day power reserve. It measures 151⁄2 lignes in diameter and features a balance wheel that oscillates at 21,600 vibrations per hour. A traversing balance bridge that securely positions the oscillator enhances the movement’s stability and precision.

The dial bears the ‘Marina Militare’ inscription, a tribute to Panerai’s long-standing historical partnership with the Marina Militare, one that began in the 1910s and has spanned over a century. In addition, the font used for the numerals and letters has been specially redrawn to reflect the original typography of the 1993 reference. Unlike Panerai’s signature sandwich construction, this is a monolayer hollowed dial: engraved and filled with Super-LumiNova^®, with a subtly concave finish that gives the numerals a three-dimensional appearance. A defining visual trait of the 1993 model has been carefully revived: the “non matching” dial and hands. Originally caused by a chemical reaction between tritium and varnish, the early production pieces developed orange-brown numerals while the hands remained greenish—a contrast that later became highly collectible.

This unintentional anomaly was corrected in later batches, but only few “non matching” pieces were produced, making them especially rare. The PAM05218 recreates this effect intentionally using caramel Super-LumiNova^® on the engraved monolayer matte black dial, paired with hands in a lighter tone—an exacting nod to one of the most cherished details in Panerai’s civilian debut. The case features a closed, screw-down caseback with a water resistance up to 30 bar (~300 meters). On the caseback, the Officine Panerai Firenze signature, historic OP logo and watch features appear just as they did on the original. Completing the tribute is a straight, vintage shaped golden brown calf leather strap with a black steel DLC trapezoidal buckle, sewn-in by construction, as on the 1993 model, imbuing the timepiece with a captivating vintage allure. The watch also features a second black rubber strap, paired with an additional buckle.

Debuting in boutiques September 2025, the PAM05218 is available upon request, making it a coveted acquisition for discerning clients. Founded in Florence in 1860 as a workshop, shop and subsequently school of watch-making, for many decades Panerai supplied the Italian Navy and its specialist diving corps in particular with precision instruments.

The designs developed by Panerai in that time, including the Luminor and Radiomir, were covered by the Military Secrets Act for many years jand were launched on the international market only after the brand was acquired by the Richemont Group in 1997.

Today Panerai develops and crafts its movements and watches at its Neuchâtel manufacture. The latter are a seamless melding of Italian design flair and history with Swiss horological expertise. Panerai watches are sold across the world through an exclusive network of distributors and Panerai boutiques.

Reference	:	PAM05218
Movement	:	P.6000 calibre Hand-wound mechanical
Diameter	:	15½ lignes
Thickness	:	4.5 mm
Jewels	:	19
Frequency	:	21,600 alternations/hours
Anti-shock device	:	Incabloc®
Barrel	:	1
Components	:	110
Functions	:	Hours, minutes
Power reserve	:	3 days
Case	:	Steel DLC case and bezel
Diameter	:	44 mm
Case-back	:	Screwed steel closed case-back with Officine Panerai signature OP logo and watch features engraved
Dial	:	Monolayer hollowed matte black with caramel color Super-LumiNova® Marina Militare inscription at 6 o’clock
Water resistance	:	30 bar (~300 meters)
Bracelet	:	Gold brown calf leather with T/T stitching strap Additional black rubber strap and additional buckle
Clasp	:	Trapezoidal sandblasted black steel DLC sewn-in buckle
Price	:	8,500 EUR