Panerai

Who are Panerai?

Panerai is a watchmaker founded in Florence in 1860 by Giovanni Panerai, and best known for the diving watches it made for the Italian Navy. Its watches are now made in Neuchâtel, Switzerland, and it has been owned by Richemont since 1997 (Richemont). This page covers its history, collections and ownership, then what to check when buying a pre-owned Panerai in the UK.

Richemont describes Panerai as a maker of tool watches that supplied the Italian Navy from the 1910s and opened to the civilian market in 1993 (Richemont). Its range today has four families: Luminor, Luminor Due, Radiomir and Submersible (Watches of Switzerland). Almost all of them use a version of the cushion-shaped case that goes back to the navy watches.

The history of Panerai

Panerai’s history runs from a Florence watch shop in 1860, through decades of supplying luminous instruments and diving watches to the Italian Navy, to a public launch in 1993 and Swiss production under Richemont. The dates that matter most are the Radiomir prototype (1936), the Luminor name (1949), the public launch (1993) and Richemont’s purchase (1997).

A Florence shop. In 1860 Giovanni Panerai opened a shop, workshop and watchmaking school on the Ponte alle Grazie in Florence (Watches of Switzerland). Over the following decades the business became a supplier of precision instruments to the Italian Navy (Watches of Switzerland).

Radiomir. On 23 March 1916 Panerai filed a patent for Radiomir, a radium-based powder that made dials and gun sights visible in the dark (Crown & Caliber). Wikipedia says the name comes from the Italian for “radium sights”.

The first diving watches. In 1936 the Royal Italian Navy asked for a luminous watch for its divers, and Panerai made a prototype now known as the Radiomir reference 2533 (Watches of Switzerland). WorldTempus notes that the 1936 date rests on a single presentation piece kept by Panerai, so its dating is not certain; the model entered service in 1938 (WorldTempus). Rolex supplied parts to Panerai between 1936 and 1956 (WorldTempus), and in 1955 Rolex made the reference 6152/1 case, of which Panerai ordered 500 for the navy (Phillips). The navy watches and their designs were treated as military secrets for many years (Watches of Switzerland).

Luminor and the crown guard. On 11 January 1949 Panerai filed for Luminor, a new luminous substance (Crown & Caliber). Panerai’s own history describes this as a trademark registration rather than a patent. The GPF 2/56 of 1956, known as the Egiziano, was made for the Egyptian Navy and was the first watch fitted with Panerai’s crown-protecting bridge (Wikipedia; Phillips).

The end of navy supply. Between 1935 and 1970 Panerai delivered about 1,600 diving watches, mostly to the Italian Navy. By 1970 it had stopped, because the watches were no longer cost-effective (Wikipedia).

The public launch. In 1993 Panerai launched watches for the public, including a recreated Luminor (Phillips; Crown & Caliber). In 1996 Sylvester Stallone wore a Luminor in the film Daylight (Wikipedia). In 1997 Vendôme, Richemont’s luxury goods arm, bought Panerai (Richemont).

Swiss movements. Work on Panerai’s own movements began in 2002, and the first, the hand-wound P.2002 with an eight-day power reserve, was named after that year (Europa Star). Panerai’s manufacture in Neuchâtel opened in 2014 (Fratello). The Luminor Due arrived in 2016, and in 2019 the Submersible became a collection of its own (Gear Patrol; Swisswatches Magazine).

What is Panerai known for?

Panerai is known for large cushion-shaped cases, the lever-locking bridge that guards the crown on the Luminor, luminous dials, and its history as a supplier of diving watches to the Italian Navy. Each point below is sourced.

The cushion case. The first Radiomir prototype, reference 2533, had a 47 mm cushion-shaped case with soldered wire lugs, its size chosen so it could be read underwater (Phillips, Geneva Watch Auction: FOUR). The cushion shape carried through to the Luminor and is still the basis of every collection (Watches of Switzerland). These are big watches, so read our watch sizing guide before buying one you have not tried on.

The crown-protecting bridge. On the Luminor a bridge with a locking lever covers the crown. Phillips describes it as Panerai’s patented crown guard, first used on the GPF 2/56 of 1956, with later guards engraved “Brev. Ital.” for the Italian patent (Phillips).

Luminous dials. Both main collection names come from luminous materials: Radiomir from the radium-based powder of 1916, and Luminor from the substance Panerai filed for in 1949 (Crown & Caliber). Phillips records that the navy replaced Radiomir dials with Luminor dials once Luminor became available (Phillips).

The Rolex link. Rolex supplied parts and cases for Panerai’s early navy watches (WorldTempus; Phillips). That is why vintage Panerai and early Rolex history overlap; our Rolex brand page covers the Oyster case those watches were based on.

PAM numbers. Modern Panerai references are written as PAM followed by a number, for example PAM00677 for the first Luminor Due (Gear Patrol). Listings often shorten this, so check the full number.

Which Panerai collections are there?

Panerai’s current range has four families: Luminor, Luminor Due, Radiomir and Submersible (Watches of Switzerland). Each uses a cushion-shaped case; they differ in the crown guard, thickness and purpose.

The collections table on this page gives the year each family began and a one-line description. A few points help when you read listings:

• Luminor or Radiomir. The quickest way to tell them apart is the crown. The Luminor has the crown-protecting bridge; the Radiomir does not (Phillips; Watches of Switzerland).
• Luminor Due is thinner. The first Luminor Due, the PAM00677, is 10.5 mm thick (Gear Patrol). Do not assume a Luminor Due has the same water resistance as a standard Luminor; check the specification for the exact reference.
• Submersible names changed in 2019. Watches made before the split were signed Luminor Submersible; later ones are signed Panerai Submersible (Swisswatches Magazine). Both can appear in the same second-hand listing category.
• Special and limited editions. Panerai has made many limited editions, such as the 2006 Radiomir 1936 California Dial, limited to 1,936 pieces (Wikipedia). Check that the edition number on the watch matches its papers.

Who owns Panerai?

Panerai is owned by Compagnie Financière Richemont, the Swiss luxury group founded by Johann Rupert in 1988 and listed on the SIX Swiss Exchange (Richemont; Wikipedia). Richemont’s Vendôme group bought Panerai in 1997, and Richemont took full ownership of Vendôme’s luxury interests in 1998 (Richemont).

Richemont lists Panerai among its “specialist watchmakers”, alongside IWC Schaffhausen, Jaeger-LeCoultre, Vacheron Constantin, A. Lange & Söhne, Piaget and Roger Dubuis (Richemont). Panerai’s chief executive is Emmanuel Perrin, and Richemont gives its store network as 167 stores (Richemont).

Richemont also owns Watchfinder & Co., which it describes as a UK pre-owned premium watch specialist, bought in 2018 (Richemont). Watchfinder’s UK company, Watchfinder.co.uk Limited, was incorporated on 3 September 2002 (Companies House). Because Richemont is listed, it publishes annual reports.

Buying a pre-owned Panerai in the UK: what to check

Check that the PAM reference and serial number on the watch match its papers, that the papers and any service records are genuine, and that the watch is not recorded as stolen. Then check what guarantee you get: Panerai’s own warranty, any Pam.Guard extension, or a dealer’s terms.

1. Papers and the full set. Ask exactly what comes with the watch: box, warranty card, instructions, any spare strap and tool, and receipts, and whether each is original. Our guide to what “full set” means explains what each item proves and what it does not.

2. Reference and serial numbers. The PAM reference and the serial number on the case should match the papers. For limited editions, the edition number should match too.

3. Authenticity. Panerai’s simple dials and well-known cases are widely copied, and fakes can come with forged papers. Buy from a seller who will put authenticity in writing and accept returns, and have the watch checked by a watchmaker you choose. Our guide on how to spot a fake watch covers what a watchmaker looks at.

4. Stolen-watch check. Before you pay, check the serial number against a stolen-watch register and ask the seller to confirm the watch is not reported lost or stolen. Our stolen-watch check guide lists the UK registers.

5. Servicing, seals and the crown guard. Ask when the watch was last serviced, by whom, and for the paperwork. On a Luminor, check that the crown-guard lever closes firmly. If you plan to swim in a Luminor or Submersible, ask when it was last pressure-tested; see our guide to water resistance.

6. Warranty. Panerai’s standard warranty is two years. Pam.Guard, announced in 2019, extends it to eight years for watches bought from a Panerai boutique or authorised dealer and registered with Panerai (WristReview). Whether the extension passes to a later owner depends on Panerai’s terms. A dealer’s own warranty is a promise from the dealer, not from Panerai. See watch warranties explained.

7. Who you buy from. We found no Panerai-run certified pre-owned programme in the UK. The main second-hand routes are:

Sources: WristReview, Panerai launches Pam.Guard (28 November 2019) (checked 29 October 2026).

For how independent dealers compare with appointed retailers, read grey market versus authorised dealer.

For the full process from setting a budget to collecting the watch, see the guide to buying a luxury watch.

Frequently asked questions

Is Panerai Italian or Swiss?

Both, in a sense. It was founded in Florence in 1860, but its watches are now made at its manufacture in Neuchâtel, Switzerland (Richemont).

Who owns Panerai?

Richemont, since its Vendôme group bought Panerai in 1997 (Richemont).

What is the difference between Luminor and Radiomir?

The Luminor has a bridge that guards the crown; the Radiomir does not. Both names come from luminous materials Panerai developed, Radiomir in 1916 and Luminor in 1949 (Crown & Caliber; Phillips).

When did Panerai start selling watches to the public?

In 1993. Before that its watches were made for the Italian Navy (Richemont).

Did Rolex make Panerai watches?

Rolex supplied parts and cases for Panerai’s early navy watches between 1936 and 1956 (WorldTempus; Phillips). Panerai has made its own movements since the P.2002 (Europa Star).

What does PAM mean in a Panerai reference?

PAM is the prefix Panerai uses for its model references, for example PAM00677 (Gear Patrol). The reference identifies the model; the serial number identifies the individual watch.

How long is the Panerai warranty?

Two years as standard, extendable to eight years by registering with Pam.Guard (WristReview).

Does Panerai have a certified pre-owned programme?

We found no Panerai-run certified pre-owned programme in the UK. Richemont, Panerai’s owner, does own the UK pre-owned dealer Watchfinder & Co. (Richemont).

Can I buy a pre-owned Panerai without papers?

You can, but without papers you rely more heavily on the seller’s written guarantee, an independent watchmaker’s check and a stolen-watch check. Agree in writing that you get a full refund if the watch is later found not to be genuine.

This page is general information. Watch60 is independent and has no commercial relationship with Panerai, Richemont or Watchfinder & Co.

We check the facts on this page against the sources listed, and it is correct to the best of our knowledge as of October 2026. Brands change their warranty, servicing and sales terms, so confirm them with the brand or the seller before you buy.