Panerai’s exclusive Luminor Marina Militare is back – and now it’s actually available to buy

Panerai has never been shy about leaning into its naval heritage, but its new watch, the Luminor Marina Militare PAM05218 takes things a step further.

Officially unveiled to coincide with the opening of the exhibition The Depths of Time, the watch revisits one of the Maison’s defining milestones, paying tribute to the Luminor Marina Militare ref. 5218-202/A, a model that first surfaced in 1993 and has since become a cornerstone of Panerai’s modern identity.

That year proved pivotal. Alongside the 5218-202/A, Panerai introduced the Luminor ref. 5218-201/A and Mare Nostrum ref. 5218-301/A, the first two references offered to the civilian market.

Their debut on September 10th, 1993, took place aboard the Italian Navy destroyer Durand de la Penne in front of Amedeo of Savoia Aosta, son of Duke Aimone di Savoia, founder of the Assault Craft of the Royal Italian Navy.

The 202/A, however, was reserved exclusively for Marina Militare personnel, setting it apart from its siblings.

“The Depths of Time exhibition invites enthusiasts and newcomers alike to rediscover our journey – from a military supplier to a luxury watchmaker,” says Alessandro Ficarelli, Chief Marketing and Product Officer of Panerai. “The new Luminor Marina Militare PAM05218 celebrates that turning point – the birth of the Panerai legend.”

Faithful yet refreshed, the PAM05218 keeps the 44mm case size that distinguished the 1993 reference. That move away from the oversized 47mm format signalled Panerai’s intent to adapt military practicality into a cleaner, more wearable style.

This year’s edition takes that same case and coats it in DLC (Diamond-Like Carbon), a finish visually aligned with the PVD treatment used in 1993. The result is a striking, all-black case that offers modern protection against scratches and corrosion.

Inside beats Panerai’s P.6000 calibre, a hand-wound movement with a three-day power reserve. The 15.5 lignes movement ticks at 21,600 vibrations per hour and uses a traversing balance bridge to boost stability. It’s a straightforward yet sturdy engine, well-suited to a tool watch like this.

The dial is where nostalgia shines. It carries the Marina Militare inscription and re-creates the monolayer engraved design of the original, filled with Super-LumiNova rather than the more familiar Panerai sandwich construction.

Even more intriguing is the revival of the so-called “non-matching” look. Early 1993 pieces aged unevenly, with orange-brown numerals contrasting against greenish hands – a quirk that became a collector’s dream. Here, Panerai engineers have intentionally replicated the anomaly, pairing caramel lume on the numerals with lighter hands.

Other details stay true to history: the screw-down steel caseback, the OP logo, and water resistance to 30 bar (around 300 metres).

The strap choice also echoes 1993, with a vintage-styled golden brown calf leather band and DLC buckle, joined by a spare black rubber strap for practical use.

The Luminor Marina Militare PAM05218 is available now, priced at US$8800 / £7200 and offered on request through Panerai boutiques.

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