Panerai Luminor Marina PAM03312 - Review & Buying Guide

Panerai is an iconic watch brand that boasts a perfect blend of Italian design and Swiss technology. There’s no doubt Panerai watches are some of the most expensive in the world, and for good reason. They have high-quality construction and are stylish pieces that not only stand the test of time but are also considered works of art.

The Panerai Luminor Marina is one such model that boasts intricate details yet still stands out for its simplicity and elegance. Panerai introduced the Luminor collection to the world in 1993, along with its variation Luminor Marina. Featuring a cushion case shape, a crown lock and a sub-dial, the Luminor Marina quickly achieved exceptional worldwide success. It is a timepiece made for adventurers and travellers, combining exceptional craftsmanship with modern detailing.

Previously, Panerai watches were only available to military forces and were not meant for public consumption.

Over the years, the brand has debuted various Luminor Marina variations, including the newly released Panerai Luminor Marina PAM03312 in 2025 as part of the brand’s Watches and Wonders 2025 collection. For those who hoped for thinner Panerai references, this could be the year!

This guide will cover everything you need to know about the new Luminor Marina PAM03312, including its key features, specifications, pricing, and availability. Let’s start by breaking down the core model to give you an in-depth understanding of the Luminor Marina before we move into the finer details.

Story of the Panerai Luminor Marina

Panerai is a luxury watchmaking brand with its roots in the Italian Navy. Panerai’s unique design elements, like the sandwich dial and crown-protecting device, have become synonymous with the brand’s identity. These features, combined with advancements in material and technology, ensured that what began as a military tool watch became an icon in modern luxury.

In 1950, Panerai introduced the Luminor with a cushion-shaped case, improved water resistance, a crown-protecting bridge and the use of a tritium-based lume (hence, the name ‘Luminor’).  However, the Luminor was released for the public in 1993 with three limited-edition timepieces, including “Luminor Marina”.

The Luminor Marina was a refinement of the original Luminor model, and the feature that distinguished it from the later models was the small-second sub-dial at 9 o’clock, adding functionality as well as aesthetic harmony. Since its release, the Luminor Marina has been a representation of the brand’s modern manufacturing at its very best.

While the early models were military, civilian production began in the 1990s. As these watches were made available to the civilian market, Panerai no longer had to maintain military secrecy on these pieces. The models quickly became sought-after among collectors and enthusiasts for their bold, minimalist design.

Features of the Panerai Luminor Marina:

• The Panerai Luminor Marina is not only great in terms of aesthetics and quality; it is also incredibly functional, as it is crafted by one of the world's best watchmakers.
• It has a cushion shape, ensuring a more comfortable fit on the wrist.
• The large size is paired elegantly with a round case and crown protection, ensuring an undeniable wrist presence.
• The hands are luminous, so you can easily read the time even in the darkest conditions.
• The Panerai Luminor Marina features a second sub-dial on the dial face at the 9 o’clock position for accurate timekeeping.
• The watches are powered by an automatic movement (P.9010 Calibre), created exclusively by Panerai.
• The Luminor Marina has massive crown guards that protect the crown against shocks and keep it firm in place.
• The Panerai Luminor Marina watches are available in 44mm and 47mm and are large enough to stand out.

Modern Panerai Luminor Marina PAM03312

Released at Watches and Wonders 2025, Panerai has introduced some notable updates to one of its most significant collections – the Luminor Marina, featuring a new movement, sapphire case back, and enhanced water resistance. The new Luminor Marina PAM03312 is arguably the best timepiece ever released by the brand.  

Panerai has improved the quality, finishing, water resistance and movement thickness in the new meaningful release. However, despite these upgrades, the brand has successfully retained the core design DNA that has long captivated collectors and enthusiasts, thereby defining Panerai’s unique identity.

Sitting at 44mm with a sandwich dial construction, the new Panerai Luminor Marina PAM03312 features slight technical upgrades. It is available in steel with a black dial and a black strap. The black dial features a ‘Sandwich’ design with Super-LumiNova X2, and the new steel case is crafted from Panerai’s AISI 316LVM - 1.4441 stainless steel, which is 15% lighter on the wrist. The metal is further re-melted in a special vacuum process to maximise purity and corrosion resistance.

The model features a display case back but still maintains a water-resistance rating of 500 metres, which is quite impressive given its design architecture. The movement used in this model is a big improvement. The Automatic mechanical P.980 calibre brings back the stop-second function (removed in 2020), which you can admire through the display case back. Panerai has reintroduced some level of brushing and finishing that was previously removed. The power reserve is an impressive 72 hours. 

In short, the new Panerai Luminor Marina Ref. PAM03312 is a watch that makes a statement without trying too hard.

Our Initial Review

Panerai has produced several variations of the Luminor Marina over the years, but the case and sandwich dial are the two features that have remained extremely desirable to those who appreciate the brand. The new model carries the same emblematic features that appeal to collectors and enthusiasts.

The newly released Panerai Luminor Marina PAM03312 pushes the limits of watchmaking expertise with notable technical upgrades. It features a 44mm size, the classic Panerai size, with a thickness of 13.7mm. The brand has always made bigger-sized watches, and the way they pull it off is incredibly impressive. It is a style that is going to be around forever and look good.

It comes in an AISI 316LVM (1.4441) stainless steel case, with most of it brushed, but the bezel is highly polished, allowing the watch to be dressed up and add a touch of flash. The cushion case retains plenty of vintage charm, but its sharp cones and low-profile bezel give it a contemporary edge that suits the new specifications. It’s impressive to see how Panerai has maintained a low watch case profile while still preserving the core essence and wrist presence.

The classic black dial goes with everything. However, the significant aspect of this dial is that it is a ‘Sandwich’ dial, meaning the numerals are laser-cut out to reveal another plate below with luminescence beneath the black layer. This means it is sandwiched between the top and the bottom, allowing the luminescence to be even brighter. Moreover, the usage of Super-LumiNova X2 luminescence ensures 10% more brightness. The words "Panerai" and "Luminor Marina" are placed proportionately without cluttering the face, ensuring perfect balance.

Functionally, the small seconds sub-dial, featuring a playful leaf hand at 9 o’clock and the date display at 3 o’clock, makes it more useful than a strictly time-only piece. Moreover, it glows more effectively against a black background.

The bulky crown guard system, in addition to preventing you from accidentally pulling out the crown while underwater, is also very comfortable when it hits the back of your hand due to its rounded shape. Looking at the dial, you have no way of knowing that this watch is capable of saturation diving. Every element contributes to the Panerai character.

Panerai returns with the display case back on the new Luminor Marina PAM03312, which reveals the new P.980 calibre, maintaining a 72-hour power reserve. On the back, you can admire the fine finishing of the movement, featuring horizontal brushing and sandblasting, which lends the Calibre P.980 an industrial look. The automatic winding rotor does occasionally reveal the golden balance wheel.

The new P.980 also has a hacking seconds hand. This means when you pull the crown out, the second hand will stop. It allows you to set the time to the second's accuracy. You can also quickly set the date by pulling out the crown to the first position. Panerai equips the watch with 500 metres of water resistance. The Panerai Luminor Marina Ref. PAM03312 is fitted with a black alligator strap, equipped with Panerai’s quick-change strap system, ensuring the strap can be easily put on and taken off. Panerai is all about straps, so they make it really easy for you to change them, allowing you to play with the watch's look. It also features a quick-release buckle.

REVIEW: Panerai Luminor Marina Ref. PAM03312

• Basics:
• Model: PAM03312
• Case Size: 44mm
• Material: Stainless Steel - AISI 316LVM - 1.4441
• Bezel: Stainless Steel 
• Dial: Black Sandwich
• Bracelet/Strap: Black Alligator Strap
• Movement: Automatic, P.980 calibre
• Power Reserve: 3 Days
• Water Resistance: 500 metres
• Price: £7600

Case

The cushion-style case, with its distinctive crown protection system, is a core element of any Luminor Marina watch. However, the most notable change is the 12% reduction in thickness, resulting in a pleasant 13.4mm profile.

Additionally, it is now 15% lighter, which significantly improves the fit. The premium steel used by Panerai for the case is AISI 316LVM (1.4441), which is re-melted to enhance purity and corrosion resistance, ensuring optimal resilience and durability.

In addition to the thinner case, the watch features a sapphire crystal exhibition case back, which is quite impressive given the enhanced 500m depth rating of the timepiece.

Dial

It contains a matte black dial with a polished bezel. The dial of the Luminor Marina was initially designed to be an easy-to-read dial with a sufficient amount of luminous material, allowing the watch to be read underwater.

Panerai’s iconic sandwich dial construction consists of two superimposed plates, with the upper plate drilled to reveal the solid luminous lower plate. Panerai uses Super-LumiNova X2 as the luminous material in this new model, which glows 10% brighter than the regular. 

The markers are elegantly cut out, offering a brighter glow than the usual hands or markers. Other upgrades include the enlarged and bevelled date display and reduced inscriptions on the dial. The small second sub-dial at 9 o’clock adds to its functionality.

Bracelet/Strap

Paired with a black alligator strap, the Luminor Marina watch uses Panerai’s PAM Click Release System, allowing the strap to be detached with ease. It features traditional spring bars, making the Luminor Marina case compatible with any standard 24mm-wide strap.

Movement

Panerai gives the Luminor Marina PAM03312 a new calibre – the P.980. This new automatic mechanical movement is more durable against shocks and more accurate overall, making it ideal for any situation. It now features a stop-second function, runs at a frequency of 28,800 vibrations per hour (vph), and operates at 4 Hz, providing a power reserve of 72 hours.

Additionally, it comes with enhanced finishing. In terms of performance, Panerai has tested the movement in six positions for maximum accuracy.

Price & Availability

Despite the high-end features and strong, functional design, Panerai maintains a competitive price point for the Luminor Marina PAM 03312, making it an attractive choice for those seeking a high-quality luxury watch.

Priced at £7600, the watch honours Panerai’s past while offering modern comfort, making it a smart investment. Recently released at Watches and Wonders 2025, this model is garnering considerable attention among collectors and enthusiasts. Shop the model at retail.

Why do we love the Panerai Luminor Marina PAM03312?

Panerai has produced endless variations of the Luminor Marina, but the 2025 release is a refreshed model that includes updated performance and engineering. This latest generation Luminor Marina is arguably the best Panerai ever made, whether that’s due to the wide cushion-style case or the rigid dial design, which features sparse use of markers and elegant shapes, making it one of the best tool watch faces of all time.

Panerai really wanted to offer a lot of new things in this 2025 Luminor Marina reference PAM03312 and has got together a compelling value proposition. It is approximately 12% thinner than before and features a superior luminous material, Super-LumiNova X2, on the dial. Inside the watch beats a new movement known as the Panerai Calibre P.980, which features a distinct architecture unlike that used in other in-house-made Panerai timepieces. Additionally, the case back of this Luminor Marina features an exhibition window, a new addition to the series.

Although the watch now offers enhanced water resistance—upgraded from 300 metres to 500 metres—this change is unlikely to alter how most owners use their Luminor Marina. However, from a commercial perspective, the improvement strengthens the model’s appeal and competitiveness in the retail market.

Panerai has retained the classic military diver’s watch vibe with this one, making it suitable for a wide range of situations. With the various strap options, it can be very fashionably versatile. For those who prefer the typical Panerai aesthetic, the new Luminor Marina is ideal. It’s a tool watch with a luxurious profile. While designed for performance, the Luminor Marina also exudes undeniable sophistication and elegance, making it suitable for both casual and formal wear.

Conclusion

Panerai is a brand that resonates with many of us, and this new one has a lot to unpack. Whether it’s the construction, style or functionality, the new Panerai Luminor Marina Ref. PAM03312 is a standout. Whether you’re on a boat, hiking through a forest, in a boardroom or doing some sort of activity, this Panerai model earns its place on the wrist. And, as far as looks go, this watch is a pure symbol of Italian engineering at its finest.

Whether you’re drawn to precision engineering or undeniable wrist presence, the PAM03312 delivers an experience that few watches can match.

Also Read: Panerai Luminor Marina PAM01314 - Review & Buying Guide

Product: Panerai Luminor Marina Steel 44mm Black Dial Ref: OP6763 – Full Set – 2009