Hands On: Panerai Revives the Luminor 5218
Remembering the glory days.
There were few brands as hot as Panerai in the 2000s, and now the brand is revisiting its glory days with the Luminor Marina Militare 44 mm PAM05218.
Visually, the PAM05218 a faithful remake of the Luminor ref. 5218-202/A of 1993, a “Pre-Vendome” model that became one of the most desirable watches of the 2000s. The watch retains the same design and many of the details, including the “non matching” hands, but has been upgraded with modern amenities, including a diamond-like carbon (DLC) coating for the case and a three-day movement.
Initial thoughts
Enthusiasts who were in the hobby in the 2000s will remember the frenzy around Panerai, which was probably the fastest growing brand during the period. Many models sold over retail, sometimes for multiples. The “vintage” models like the Luminor ref. 5218-202/A were even more valuable; it cost a healthy, mid-five figures at the time. In fact, the ref. 5218-202/A cost more than an F.P. Journe Resonance at the time. In retrospect, most of it was comical yet also seems familiar given the happenings in recent years.
Times have changed, but the PAM05218 is essentially unchanged from the original – which is great for those who appreciate the functional, stark design of Panerai’s core models. I like those designs, and I like the PAM05218. If there’s one Panerai in the current catalogue I would buy, it is this one.
At a distance, the PAM05218 is indistinguishable from the original, but up close it is clearly a new watch that’s shinier and more polished. The size and style feel almost retro today, since the “in” thing is time-only watches with overdressed movements in cases that are 37-39 mm.
The halcyon days aren’t going to come back on the account of the PAM05218, but it is an appealing watch that will definitely evoke nostalgia for “Paneristi”. Beyond the history of the watch itself, the PAM05218 is a sports watch with a distinctive, clean design that has good specs and decent-ish price of US$8,800.
It is pricier than comparable watches in the segment, but for me the difference can be rationalised by the design, which remains strongly appealing. The only downside is arguably the fact that the PAM05218 is “limited” but only annually – 500 will be made each year.
Marina Militare
The story of Panerai is well known by now. The ref. 5218-202/A was one of several wristwatch models that Panerai, then still a small family-owned maker of diving instruments, launched in the early 1990s. These 1990s watches were inspired by the oversized dive watches the brand had made in the 1930s onwards for the Italian navy and other maritime forces, making them remakes of a sort.
The brand’s big moment came with celebrity adoption of its watches starting in the late 1990s, most famously by Sylvester Stallone. And then Richemont, then still Vendome Luxury Group, acquired Panerai, resulting in those 1990s models becoming known as “Pre-Vendome” or “Pre-V”.

An example of a “Pre-V” Panerai, this one the ref. 5218-201/A owned by Sylvester Stallone himself, which was sold by Sotheby’s in 2020. Image – Sotheby’s
The PAM05218 is thus a remake of a remake, but it gets the look and feel right. The 44 mm steel case is very much like the original, but now it’s coated in DLC, which is fortunately more hard wearing than the delicate black coating on the originals.
The famous crown-locking mechanism defines the case, but I assume as with many modern-day Panerai watches it is largely decorative as the cases are water resistant even without the lever engaged.
The dial is similarly faithful, but here rendered in Super-Luminova instead of radioactive tritium. The Super-Luminova has been dyed to match the look of aged tritium, so the large hour markers are a parchment shade. The dial plate is engraved with the markings, which are then filled with lume, resulting in the familiar recessed appearance.
Notably, the dial is “non matching”, replicating a phenomenon found on the originals where the tritium on the dials and hands did not match, resulting in a lighter shade on the hands.

The typography features serifs on the letters
And the case back also echoes the original with the “OP” emblem, though not exactly. Inside is the P.6000, a no-frills movement like most current Panerai calibres.
Like the ETA Unitas in the originals that was equally no-frills, the P.6000 is hand wind, but it has the upgrade of a three-day power reserve.
Lastly, the buckle is also correct. Oversized and trapezoidal in shape, the buckle is a one-piece affair that’s sewn into the strap, making replacement a hassle but being historically faithful to the vintage originals. The size and form also make it relatively uncomfortable, but it fits the look perfectly.
Key facts and price
Panerai Luminor Marina Militare 44 mm
Ref. PAM05218
Diameter: 44 mm
Height: Unavailable
Material: Steel with DLC coating
Crystal: Sapphire
Water resistance: 300 m
Movement: P.6000
Functions: Hours and minutes
Winding: Manual wind
Frequency: 21,600 beats per hour (2.5 Hz)
Power reserve: 72 hours
Strap: Calfskin with sewn-in buckle, additional black rubber strap
Limited edition: 500 pieces per year
Availability: Only at Panerai boutiques
Price:US$8,800; or €8,500
For more, visit panerai.com.
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