Established in 2000 just as Panerai was started on its ascent to being the hottest brand of the following decade, Paneristi is a community of brand enthusiasts. Panerai is marking the group’s 25th anniversary with the Luminor Venticinque PAM02025, which was just launched at P-Day 2024, an annual global gathering of Panerai fans that just took place in Kuala Lumpur.

According to Panerai, the PAM02025 was conceived as a modern take on the Luminor 1950 PAM00127 “Fiddy”. Employing the 44 mm Luminor 1950 case, the PAM02025 has the classic Luminor design, but with modern aesthetic tweaks, including a “brunito” steel case of brushed, aged alloy and a gradient blue “sandwich” dial.

Initial thoughts

The PAM02025 has many elements that will appeal to Panerai enthusiasts who like its traditional designs, including the pencil hands and “upside down” crown-lock bridge. Panerai certainly took note of the feedback about the prior Paneristi edition that sported a large anniversary emblem on the dial (which is now relegated to the case back).

It’s best described as a modernised take on the historical Luminor since the design is old school, but the smoked blue dial and “brunito” steel case mark it out as a watch of today. No doubt some Paneristi will have left out the modern elements and opted for the larger, 47 mm case plus a correspondingly larger movement, but the PAM02025 is a good compromise between new and old – different but doesn’t feel like it’s trying to hard.

The PAM02025 retails for CHF7,800, which is close to the price of a comparable regular-production Luminor. It’s a fair price for a Luminor that stands out from its siblings in the catalogue.

As an aside, the anniversary falls in 2025 – and delivery of the watch begins in September 2025 – so launch feels unnaturally early. That said, pre-orders are already open, so it might be Panerai wanting to lock in buyers as soon as possible.

Finally, in the 24-odd years since Paneristi was founded, Panerai enjoyed a meteoric rise, then a gradual slowdown, but the recent P-Day still saw some 200 Panerai fans from around the world converge in Kuala Lumpur, which is still a significant turnout.

1950 inspired

The PAM02025 is modelled on the Luminor 1950 PAM00127, a 2002 limited edition that has long been an enthusiast favourite. While the PAM00127 was almost a replica of the vintage original, the PAM02025 is a modern watch.

For one, it’s scaled down to a more wearable 44 mm, though it retains the 1950-style case. Hardcore Paneristi will point out that a 44 mm case should be “Bettarini” style, but 44 mm is still large and widens the audience for the PAM02025 (which is a necessity given the 1,000 piece run).

The case is in “brunito” steel, a recent Panerai invention that is meant to evoke the worn cases of vintage watches. The faux aged finish is achieved by first coating the steel case black, then partially removing the coating by tumbling polishing and brushing, resulting in the randomly brushed, patina finish.

Sitting under a domed sapphire crystal, the dial is a “sandwich” made up of two discs, a lower disc with luminous print and an upper disc with cut-outs for the hour markers. The Super-Luminova is ivory and matched with gilt “pencil” hands. The modern elements are the grained surface and gradient blue treatment that darkens to black on the edges.

The case back is marked with the 25th anniversary logo, and underneath the P.6000. A workhorse calibre used extensively by Panerai in many of its more affordable models, the hand-wind movement has a three-day power reserve and a plain finish that is typical for Panerai.

Key facts and price

Panerai Luminor Venticinque
Ref. PAM02025

Diameter: 44 mm
Height: Unavailable
Material: “Brunito” steel
Crystal: Sapphire
Water resistance: 300 m

Movement: P.6000
Functions: Hours and minutes
Winding: Manual wind
Frequency: 21,600 beats per hour (3 Hz)
Power reserve: 72 hours

Strap: Brown calf skin with pin buckle

Limited edition: 1,000 pieces
Availability: Pre-order now open at Panerai boutiques and retailers, with delivery from September 2025
Price: CHF7,800 before taxes

For more, visit panerai.com.