Panerai · Family: Luminor Marina
The Panerai Luminor Marina ref. PAM03312 is the 2025 steel renewal of the 44mm Luminor Marina, with a black sandwich-construction dial and the new in-house automatic Calibre P.980. Cazador has no verified price observations yet. Its differential: it reaches 500 meters of water resistance, a record figure for the Luminor Marina line thanks to a redesigned crown-guard bridge.
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The Luminor case was created in 1993 for Panerai's first collection of watches aimed at the civilian public, inspired by the Luminor 1950 originally designed for Italian Navy commando divers. Its crown-guard bridge, forged from the same block as the case's side lugs, became the most recognizable trait of the Florentine house's entire watchmaking output.
At Watches & Wonders 2025, Panerai unveiled a full renewal of the steel Luminor Marina line, made up of a quartet of references — PAM03312, PAM03313, PAM03314 and PAM03323 — in the collection's traditional dial colors. The PAM03312, with a black dial, keeps the 44mm case and the dial's sandwich construction, in which a perforated upper plate lets light through to a solid luminescent lower plate, now treated with Super-LumiNova X2, a compound roughly 10% brighter than the previously used X1.
The most significant technical change in this renewal is the new Calibre P.980, an in-house automatic movement manufactured by the Richemont Group, just 4.2mm thick, with a stop-seconds function, a three-day power reserve and a frequency of 4Hz (28,800 vibrations per hour). The movement replaces earlier generations of automatic calibers used in this entry point of the Luminor catalog.
The renewal's other major leap is water resistance: a redesigned crown-guard bridge allows the watch to reach 500 meters, an unprecedented figure for the Luminor Marina and well above the 100-300 meters typical of earlier generations of the model, even though the line's purpose remains closer to a daily, heritage-driven watch than a technical dive tool.
As of this writing, the PAM03312 remains in Panerai's current catalog as part of this new Luminor Marina generation introduced in 2025.
Cazador has no verified price observations for this reference yet. We'll publish a range once sufficient sourced market data exists.
A two-plate system: a top plate with cut-out numerals and markers over a solid luminescent lower plate, which lets light through for strong nighttime legibility.
The main changes are the new, thinner in-house Calibre P.980 and 500 meters of water resistance, well above the 100-300 meters typical of earlier versions of the model.
A full three days (72 hours), with a stop-seconds function and a frequency of 4Hz (28,800 vibrations per hour).
At 500 meters of water resistance it technically could be, though the Luminor Marina line is built primarily as a daily, heritage-driven watch rather than a professional dive tool.
At Watches & Wonders 2025, as part of a quartet of steel references in the collection's traditional dial colors.
It's a luminescent compound Panerai introduced with this generation, roughly 10% brighter than the X1 compound used in earlier versions of the Luminor Marina.