Panerai In-House Movements – A PAM Of Worms

In my most recent Instagram post, I uncovered a well-guarded secret. The new P.9200 caliber used in Panerai’s recently introduced chronograph family is a basic ETA 2892-A2 with Dubois Dépraz chronograph module. This unsettling episode opened a veritable can of worms.

Panerai’s new chronographs were presented at Watches and Wonders in April 2021. Today the line consists of a total of five models, four in stainless steel and one in 18k gold. On steel models (PAM01109, PAM01110, PAM01218 and PAM01303 Luna Rossa), the movement is concealed behind a solid caseback. The gold version (PAM01111) has a “display” caseback but the movement is barely visible behind a tinted sapphire crystal decorated with an awkward wave pattern. If I were to guess, I would say the sole reason why Panerai equipped the gold version with a “see-through” caseback was to save precious gold material.

Panerai PAM01111 Blu Notte

Given the name P.9200, all mainstream watch media outlets assumed the new movement was in-house as Panerai traditionally used the prefix OP to identify externally sourced calibers. A good example from recent history would be the OP XXXIV which powered a number of Luminor Due and Submersible models. The OP XXXIV was made by Manufacture Horlogère ValFleurier, Richemont’s very own movement manufacturer. Richemont is a luxury group that owns Panerai and several other watch brands such as Cartier, Jaeger LeCoultre, Vacheron Constantin, IWC, etc.

It is said, Manufacture Horlogère ValFleurier, together with a bunch of Richemont experts, developed the aforementioned caliber for Richemont’s entry-level brand Baume & Mercier where it was marketed as Baumatic BM12-1975A. The interesting thing about its variant OP XXXIV is that Panerai dropped the name just recently. Today, and this is important, the very same movement goes by the name of P.900 and is showcased in Panerai’s in-house movement section.

Coming back to Watches and Wonders, Panerai never disclosed the P.9200 chronograph movement was an ETA caliber and neither did the company mention it was externally sourced. As a result, almost all of the major watch blogs mistakenly reported the P.9200 was a new in-house or manufacture movement. At this point, any serious company would have reached out to the blogs to set the record straight but for some reason, Panerai did not.

Fast forward to a few days ago, I stumbled upon an interesting comment on Panerai’s official Instagram account. Someone had asked if the new P.9200 was an in-house movement. Panerai confirmed. I had heard of issues related to the latest iteration of the P.9010 which no longer has hacking seconds, a feature that stops the second hand when the crown is pulled. What started with cheap snap-on casebacks and spring bars, appears to have evolved into a neverending downward spiral of downgrades so I thought it would be interesting to give the P.9200 a closer look.

Update August 23, 2021
According to a reliable brand insider, the Panerai boutiques were instructed from the very beginning to refer to the P.9200 as in-house movement. This directive came from the very top. There are several confirmed cases in which the boutiques told buyers of the new chronographs the P.9200 is a “manufacture” or “in-house” movement.

Read more: Revisting Panerai’s PAM Of Worms

Update March 27, 2022
In mid March 2022, the first picture of the quietly updated P.9010 surfaced on an Italian forum. Gone is not only the “hacking seconds” feature but with it all the finishing one would expect in watches of this price category.

Read more: The New Panerai P.9010 – Perpetual Downgrading

Through Google I came across a picture of the back of the 18k gold PAM01111 published on Hodinkee where the movement was relatively well visible through an awkwardly decorated display caseback. Are those lines waves or worms? To my total surprise, the caliber was clearly a badly finished ETA or Selitta (Swiss ETA clone). How could this have escaped the Hodinkees? Klick the picture below to take a closer look at the finish.

Caseback of the PAM01111 (Photo: Hodinkee)

Subsequently, I opened Panerai’s website and found a picture of the back but the see-through crystal was extremely darkened (below on the left), unlike the Hodinkee picture.

Caseback of the PAM01111 (Photo: Panerai)

After adjusting the brightness in Photoshop, I could clearly see ETA 2892-A2 stamps. An in-house movement, huh?

The ETA 2892-A2 on its own is not a chronograph movement. To become one it requires a Dubois Dépraz chronograph module. Connecting the two is a standard modification. Top grade (Élaboré) ETA 2892 movements with DD module can be bought on ebay for US$ 585. The P.9200 has no Élaboré decoration such as Côtes de Genève or Perlage, the surface is merely sandblasted. I imagine if bought in bulk directly from the manufacturers, the set price for these is considerably less than US$ 585, probably somewhere around US$ 300. Having such a movement in a US$ 10k or 27k watch could be compared to opening the engine hood of your Porsche 911 only to find out it has a Peugeot 3-cylinder engine.

The next picture shows a comparsion between a Tudor Heritage Chronograph 70330 which costs around US$ 3k and the PAM01111 with a price tag of US$ 27k. Both watches feature the very same ETA 2892-A2 with Dubois Dépraz chronograph module. But while the Tudor has a high grade Élaboré version of the ETA 2892-A2, the movement in the PAM01111 exhibits a basic finish that reminds of the PAM318 scandal (a mind-blowing story, google it).

Comparison between Tudor Heritage Chronograph and PAM01111

Keep in mind Tudor is basically Rolex but with a inexpensive movement. Panerai, on the other hand, is a watch brand that exists only since 1997. The famous vintage watches used by the Italian Navy between 1935 and 1968 were actually Rolex Oyster watches. That’s right, Rolex did not just supply movements as often claimed, Rolex supplied complete watches (see picture below). The history put forth by Richemont Panerai is mostly fiction. Oh snap, I just realized I must sound like a broken record.

Rolex “Panerai” Ref. 6154 from 1954

Before we continue, I would like to come back to the heavily darkened display caseback found on the Panerai website. The picture below is from ABlogtoWatch and as you see the crystal is slightly tinted but not as strong as on Panerai’s own picture show above.

Panerai PAM01111 (Photo: aBlogtoWatch)

Following my Instagram exposé on the true nature of the P.9200, aBlogtoWatch immediately updated their articles on the new chronographs. The other major watch media outlets did not amend their articles with the newly available information. One could easily get the impression they concern themselves more with protecting the interests of the industry than with diligently informing their readers. Under normal circumstances, a story like this would have been quite a scandal but in a media landscape which appears to be controlled by big luxury conglomerates, the outrage was relatively small.

After calling Hodinkee out – not once but twice within 72 hours of the revelation, they finally added the crucial ETA movement details. Revolution removed the word “in-house” from Wei Koh’s write-up but so far refrained from specifying the exact movement. Horobox, a watch blog from Turkey that boasts itself as “Turkish Watch Authority”, had described the P.9200 as “designed and produced in-house”. Horobox and Panerai are very close friends since 2015. After reaching out to Horobox founder Serdar Oal, he quickly removed that erroneous statement but refused to mention the ETA movement. “Panerai calls it P.9200. I believe it’s ok”, Serdar said. No, in my opinion it is not ok. People have a right to know what they are getting for their hard-earned money but the sad truth is, these outlets have zero sense of responsibility towards their readers. Their sole focus is to please the industry.

Panerai In-House Movements

While real in-house movements are described as “executed entirely by Panerai”, the P.9200 description lacked anything in this regard. However, there was also no mentioning that the movement is an externally sourced ETA. This critical fact was omitted from the very beginning and no attempt was made to correct the widespread misconception. Not disclosing such an important fact could be considered “lying by ommision”. Wikipedia states:

Lying by omission, also known as a continuing misrepresentation or quote mining, occurs when an important fact is left out in order to foster a misconception. Lying by omission includes the failure to correct pre-existing misconceptions.

As mentioned earlier, externally sourced calibers used to carry the prefix OP followed by the caliber number in Roman numbers (e.g. OP XI = ETA 6497-2). In-house movements, on the other hand, could always be identified by the prefix P. followed by the caliber number (e.g. P.2002). The OP XXXIV made by Manufacture Horlogère ValFleurier was Panerai’s last non-in-house movement and accordingly the last to feature the OP prefix. Interestingly, Panerai renamed the OP XXXIV just recently. Today it known as P.900 and listed as in-house movement. Since it is the exact same movement as before, one cannot help but wonder how it suddenly met the criteria to be considered “in-house”.

Comparison Panerai OPXXXIV (left) vs. P.900

A deep dive into this particular ValFleurier caliber brought something very interesting to light. Originally developed as Baumatic BM12-1975A for Richemont’s entry-level brand Baume & Mercier, the hightech movement featuring silicon technology had a stuning power reserve of five full days (120 hours). Besides silicon escapement and balance wheel, the movement also featured a silicon hair spring. The latter was soon subject of a patent infringement complaint by a consortium consisting of Rolex, Patek Philippe and the Swatch Group which had developed the silicon hairspring technology in conjunction with the Swiss research institute CSEM. As a result, Baume & Mercier’s silicon hairspring could no longer be used which led to an iteration of the movement known as Baumatic BM13-1975A.

The Baumatic beats not only in a number of Panerai models but also in IWC Pilot watches. IWC is another famous Richemont “Maison”. Interestingly, both the Panerai and IWC version of the Baumatic have an autonomy of only 3 days. Both, Panerai and IWC claim the movement is “in-house”. IWC states on their website:

“With the 32000-calibre family, IWC expands its range of automatic in-house movements.”

Comparison Baumatic BM13-1975A vs. IWC Cal. 32110 vs. OPXXXIV (now P.900)

The Baumatic BM12-1975A was not developed from scratch. It is based on Cartier’s 1847 MC caliber which was introduced in 2014. The 1847 MC has a smaller main plate (25.6 mm vs. 28.2 mm), a smaller barrel (less power reserve) and a different set of bridges. This movement was developed by ValFleurier as well. On their website, Cartier states:

“This mechanical self-winding movement was entirely created and developed by Cartier watchmakers and engineers.”

Cartier 1847 MC caliber

A dial side comparison between the 1847 MC and the BM12-1975A shows they are basically the same caliber.

Comparison Cartier 1847 MC (2015) vs. Baume & Mercier Baumatic (2018)

As you can see, the term “in-house” is being used in a very loose, almost inflationary way within the Richemont group. “In-house” implies a movement was designed, produced and assembled by a watch brand to nearly 100% in their own factory but as we can see with this particular caliber, “in-house” is just a buzzword. What we have here are “in-group” calibers, basically an ETA equivalent but from Richemont. But where ETA is a historically important brand dating back to 1856, which thanks to their affordable movements kept much of the Swiss watch industry on life support for several decades following the devastating 1970s Quartz Crisis, ValFleurier – just like Richemont Panerai – is an artificial construct, created from scratch for the sole purpose of producing profit-optimized movements for a luxury conglomerate.

Other ValFleurier calibers are shared as well. For instance Cartier’s 1904-SP MC, which beats as MB 29.22 in Montblanc watches, as 1100P in timepieces from Piaget and as 1326 in certain Vacheron Constantin references. Using the term “in-house” for all of these movements is misleading to say the least.

If we go deeper down the rabbit hole, one could easily get the impression Panerai did not develop any of their in-house movements. Panerai’s first so-called own movement was the P.2002 from 2005. The 8-days unit was designed and produced by what soon would become the Manufacture Horlogère ValFleurier. Yes, the movement was exclusive to Panerai but not made in-house as Panerai had zero expertise in this field. All movements after the P.2002 came from the very same place – ValFleurier. The “in-house” fanfare was smoke and mirrors from the very beginning.

Angelo Bonati, the former CEO of Richemont Panerai, loved boasting about how Panerai was the only brand to have created so many in-house calibers within a short period of time:

“Few other watchmakers have succeeded in developing and making eight of its own calibers fully operational and available in just seven years.”

It is easy to develop your “own” calibers when the work is outsourced to a highly specialized company; and you have the financial backing of a leading investment group. As a famous Paneristi once put it, “All this manufacture thing is an industrial lie!” According to information received, internal Panerai documents instructed employees to never ever respond to journalists in detail about “in-house” movements and the possibility that they were not really in-house.

Most Panerai in-house movements feature interesting codes like VML, VNK, VOL or VXJ on their main plates, letters which interestingly can also be found on movements from other Richemont brands like Baume & Mercier, IWC, Vacheron Constantin, Piaget and Cartier. These codes are ValFleurier date stamps.

ValFleurier date stamps

They can also be found on computer renderings published by Panerai. VML, as seen in the picture below, stands for the following: V for ValFleurier – M for 2007 – L for December.

Panerai P.9000 computer rendering with VML ValFleurier date stamp (Photo: Panerai)

Of course, all of these movements were developed and produced by Manufacture Horlogère ValFleurier. The picture below shows a recent Panerai model from 2019 featuring the ValFleurier date stamp VXJ (Oct. 2019). Entirely executed by Panerai, huh?

Panerai PAM00968 “Bronzo” V series from 2019 with Cal. 9010 featuring a ValFleurier date stamp VXJ (Oct. 2019)

When ValFleurier expanded their production more and more to other Richemont brands, Panerai received their own production line at ValFleurier. Seven of the 25 stations were fully automated and operated around the clock, the rest in two shifts. From this moment onwards, movements made on this particular production line featured date stamps starting with a P, for instance POL (Dec. 2009). In the meantime, parts like main plates and bridges may be produced at the new manufacture in Neuchâtel but calling the movements “executed entirely by Panerai” is a stretch. Watch movements consist of hundreds of parts. Springs, barrels, wheels, levers, etc. Plates are the easy part, especially when the CNC machine programming is done by ValFleurier specialists. The reason all of these companies are so secretive is obvious – the reality is so much different than what their marketing wants us to believe.

Several attentive visitors of the Panerai Manufacture in Neuchâtel reported independently from each other that the building in Neuchâtel is too small and too meagrely populated for a yearly production of around 70,000 watches as claimed by Panerai. There are a number of machines but everything appears to be rather for show than for anything else. For instance, nobody has seen any cases being produced there. Of course not, cases are made by specialized Richemont factories like Donzé-Baume. In a YouTube video published by the WatchAdvisor, however, said outlet worked hand-in-hand with Panerai to create the illusion of an in-house case production.

The first part of this video, where they show how the cases are made, was not recorded at the Panerai Manufacture in Neuchâtel but at Donzé-Baume in Les Breuleux.

Left: Premises where the Bronzo cases are made – Right: Panerai Manufacture Neuchâtel, ground floor

Note the lower ceiling, the narrow windows in the back and of course that “small” window with a single panel convector radiator underneath (left). Compare that to the real Panerai Manufacture in Neuchâtel (right) where all windows on each floor are very tall, reaching from ceiling to floor, without exception.

Not convinced? Check out the following scene were the cases are pressure tested to 37.5 bar. See the highlighted area on that list in the background? That is the old Donzé-Baume logo.

Screenshot from “Making-of a ticking icon”

The picture below shows the water resistance testing machine at the Panerai Manufacture in Neuchâtel. Panerai has a different version of the Roxer Aquapress used by Donzé-Baume.

Screenshot from the video “Panerai: Making Of A Design Icon, Part 3” by Hodinkee (March 2019)

Watch the video: Panerai – Making Of A Design Icon, Part 3 (YouTube)

Donzé-Baume has a long history as a case and bracelet maker which goes back to 1868. For many years, they produced cases for Omega. In 2007, Donzé-Baume was taken over by Richemont. Today, the company produces cases for all Richemont brands. By the way, the biggest give-away was actually that none of the guys were wearing a Panerai coat with dark blue neck.

What about dials, hands, crowns, crystals, etc? Each of these parts is made by specialized companies of the Richemont group. All of these factories are part of Richemont Industrial Management Solutions (RIMS). The picture below shows the logos of some of these companies.

Richemont Industrial Management Solutions (RIMS) design guidelines

As you can see, when it comes to Panerai, there is lots of “out-of-house” but very little “in-house”.


Panerai likes to portray itself as a “Manifattura Di Alta Orologeria”, a manufacture of Haute Horlogerie. The words look great in a lobby but do they reflect reality?

Lobby of the Panerai Manufacture in Neuchâtel

Not really, as we have learned. Neuchâtel is merely a high-gloss assembly line with all important bits and pieces coming from highly specialized companies belonging to the Richemont group. In-house, entirely executed by Panerai… these are just empty words. Also, what is this perpetual downgrading all about? Reduced water resistance, snap-on casebacks, spring bars, missing hacking seconds, undisclosed ETA movements. Isn’t Haute Horlogerie supposed to be luxury? Luxury as in excess, abundance? Where is the excess in leaving out a small lever that stops the balance wheel from oscillating? Where is the abundance in creating modular movements that share the very same components throughout all calibers, all brands? This reminds me of the Aston Martin DB7 with its Mazda 323 F tail lights and the many Ford Scorpio switches. A sad development.

Thank you for your interest.

Read more: Revisiting Panerai’s PAM Of Worms

Read more: The New Panerai P.9010 – Perpetual Downgrading


  • Mind blowing work again my friend! Keep it coming, I just love telling these stories to the guys that work for Richemont! 👏👏👏

    Liked by 1 person

  • “ The famous vintage watches used by the Italian Navy between 1935 and 1968 were actually Rolex Oyster watches. That’s right, Rolex did not just supply movements as often claimed, Rolex supplied complete watches (see picture below)”

    Actually the “Rolex” movements were made by Aegler.

    Later on Rolex signed an exclusive contract with Aegler, who became their sole customer (Rolex chronographs were Valjoux or Zenith El Primero of course).

    A bit like this: “ the movement was exclusive to Panerai but not made in-house as Panerai had zero expertise in this field.”

    Rolex bought Aegler in 2004, since when they can truly claim to manufacture in house movements

    Liked by 1 person

  • Fantastic writeup. And you’re absolutely right, the media landscape in the watch industry is in need of a serious overhaul. Too much collusion between luxury brands and press outlets who are supposed to keep us informed and ensure companies remain honest. Yours is a thankless job, but just know that there are many of us out there who appreciate your work and are extremely grateful for the effort that goes into each article.

    After all, someone’s got to think of the community if the other so called journalists wont!

    Liked by 1 person

  • It’s obvious that most companies uses ad language to sell their products… but people tend to believe luxury brands are more honest. I definitely agree with you: Panerai is lying his customers.

    Liked by 1 person

  • Absolutely phenomenal article per usual. It makes me question purchasing future products from Richemont, which is unfortunate as I’ve always admired the work from JLC and VC. What I find funny is that, by Richemont standards, the basic ETA movement found in my ~$1,000 Longines would be considered “in house”. Keep up the great work.

    Liked by 1 person

  • “ Actually the “Rolex” movements were made by Aegler.”
    Hello Oliver!!
    The above is true for most Rolex wristwatches, but not for their pocket watches and the Panerais were essentially Rolex Oyster pocket watches with lugs.
    Pretty much all of the Rolex pocket watches, as well as the Geneva Panerais had movements from Cortebert


  • That Richemont uses their combined RnD to produce better movements and cases etc for all brands is in itself nothing bad. The lack of transparency is the issue. I am totally fine with my Cartier 1904 MC based Vacheron 1326 movement in the FiftySix selfwinding, I know it’s delivered in parts to VC, few parts are VC’s own, it’s fully assembled and decorated at VC. And VC doesn’t claim it’s in-house. Why is it so hard for Panerai? They are caught lying to their customers for no good reason. It would be a win-win for everyone, the watch nerds would appreciate the transparency, the non watch nerds can’t be bothered, so why not just be honest? Shaking my head….and I own two Panerais and was thinking about my third….

    Liked by 1 person

  • Personally I think in-house movements are not as practical as ETA movements. With ETA you can service your watch at almost all good watchmakers, you have a lot of spare parts… You may not have this advantages in-house. But anyway, lie is a lie.

    Liked by 1 person

  • this reminds me of the last Panerai Scandal where they were busted putting base unitas movements into a “special edition” model -

    Liked by 1 person

  • Wow, well that was an awesome piece, thank you for all the work put into this. After my own personal poor experiences I won’t buy anything from a Richemont brand. The cost cutting, dirty marketing, abysmal servicing, it’s all bad whether you are buying a Vacheron or a Panerai. Only Lange seems to have retained some independence but I bet that won’t last too long…

    Liked by 1 person

    • Hmmm – I only have excellent experiences with other Richemont brands here in the Middle East. IWC, JLC, Vacheron – nothing bad to report at all. Actually even the service and sales people from Panerai are very good – however – still don’t understand why they are not transparent – there is no downside to it.

      Liked by 1 person

    • Please keep up the good work! As a note, though, luxury, more than abundance and excess, is about coveting. Lust. That is actually the etymology of the word. These companies create lust for their products and marketing is their primary tool to do so. That is their primary objective, all else related to their wares is secondary and in some cases, almost negligible.


  • Such a fantastic informative article as this & some don’t congratulate but instead try to show off by talking about Rolex calibre semantics which has fuck all to do with the article. #smalldicks


  • To be fair Rolex never made watches by themselves when they started out only till after 2004. But even today not everything they made is entirely ‘in-house’. They still need to source some parts from third-parties and there’s nothing wrong with that, it’s normal in the mass-production industry.

    They bought the oyster case patent from Borgel and let Poinçons de Maître produced the cases for them.
    Also the Rolex 618 caliber was also from Cortébert.


  • Hello there!

    Surfing the web I found your articles, very clear, factual, concise and educational.
    What I got in conclusion is that recent changes incorporated as “improvements” are, saying the less, undercover cost reductions, shame on Panerai!
    So, after all your research and findings there is no evidence to justify the “legend” and huge investment on recent Panerai pieces?(from 90’s until now), Not a single Panerai movement is worthy the investment?
    I’d like to read your opinion.
    Thank you!

    Liked by 1 person

  • My issue isn’t that Panerai uses Richemont group technologies in their products. That should theoretically make their watches more advanced for the money spent as they have the benefit of group wide economics of scale. It’s that they’re charging so much for relatively basic products, justifying a high premium by pretending to the customer that they’re buying something of unique and exclusive manufacture. The spring bars, non-hacking seconds.. These are all signs of a cost saving “parts bin” attitude to what’s supposed to be an exclusive product. It’s even worse when you consider recent efforts to depict all this in-house manufacture online take liberties with the truth.

    Liked by 1 person

  • I am not sure that Panerai is aware what kind of movement P.9200 is. On their official website, the size of the movement is 13 1/4. Both 2892A2 and 2894, be it old or new have different diameter.

    Panerai is probably still thinking about Valjoux 7750…


    • Hi Catalin, 13 1/4 is the diameter of the Dubois Dépraz chronograph module that is mounted atop the ETA 2892-A2 (11 1/2).


  • Superbe article, I just discover your Website and really happy to do so. As a Panerai owner, I feel robbed… despite that I love my watches.

    Liked by 1 person

  • Fantastic article. You put the likes of revolution and hoodinkee (or hoodwinkie as I like to call them) to shame. I am not a fan of panerai but I’d definitely not be buying one after reading this.

    Liked by 1 person

  • I already figured out that the P.9200 was not in-house back at Watches & Wonders, 42 hour power reserve and not a flyback for a Panerai? Something wasn’t Kosher! Thank you for the most detailed, in depth analysis of Panerai manufacturing I’ve ever read!

    Liked by 1 person

  • Excellent read. In-house / In-group resource sharing actually don’t matter. It matters when a brand / sub brand is trying to masquerade itself into something that it is actually not. Nothing wrong with outsourcing or Richemont develop tech to be used across brands. The wrong is each of these sub brands is trying to market or appeal to consumers as having their OWN IN-HOUSE movements. Even though they do not explicitly state theirs is in-house, their advertising and marketing efforts are guilty into duping consumers into believing so.

    Liked by 1 person

  • Dear Perezcope,

    A great piece of writing and incredible detective work. Thank you. Always enjoy reading you.
    As for your comment about the Porsche 911 with the Peugeot 3 cylinder engine, give me the Peugeot engine every day.

    Peugeot Enthusiast.


  • Audemars Piguet also uses the Dubois Dépraz module on certain models, such as the Audemars Piguet 2326, 3120 and 3125 movements, which incorporate a DD calendar module on a Jaeger-LeCoultre 889/2 base.


  • Na het lezen van je stuk, kom ik tot de conclusie dat ik maar helemaal geen Zwitsers uurwerk meer moet kopen. Zelfs de Rolex betrekt sommige onderdelen (waar vandaan blijft een geheim “China”. Conclusie geen enkel luxe uurwerk voldoet niet meer, dan maar gewoon een Chinees uurwerkje kopen is volgens mij je advies. Je beschrijft het allemaal heel gedetailleerd, in welk merk heb jij als journalist een belang???


  • Tks for that highly interesting article! By pure hazard, I’ve never added a piece from a Richemont brand to my collection. And I think that, moving forward, it will now be a conscious hard pass from me re. Panerai’s or IWC’s offerings. Just a shame that sooner or later JLC and ALS will probably fall victim to the same Richemont disease 😦

    BTW: Doesn’t it strike anyone that Kern had a lot to say in Richemont‘s watch devision and that some of the practices there now seem to be replicated at Breitling?

    Liked by 1 person

  • Wow !!! We all know that there has been and there is a lot of games being played within Swiss watch industry, BUT, It took a person with your extraordinary depth of knowledge to blow the lid of this, and it really is, a can of worms. I don’t think that there is any other way to describe this Panerai situation but tragic. Thank you for saying it, the way it is. You are at least, giving the buyers or enthusiasts a chance to make an informed choice.
    Absolutely fantastic piece of forensic journalism.Once more, thank you so much !!!

    Liked by 1 person

  • Yes this is what companies (and conglomerates and governments) do. The sad truth is it won’t hurt their bottom line. The very foundations of the USA, Apple and Microsoft are based on theft of land and intellectual property. VW lied about diesel pollution. The CDC, FDA and W.H.O. Have all been compromised and are owned by big pharm. In the end these big machines will continue to lie, steal and pollute the earth fueled by humankind’s never ending appetite for wealth and power. Ban Richemont you say? You’ll need to ban a lot more than that to make the world a better place.

    Liked by 1 person

  • As a retirement gift for myself I purchased a Panerai 005 with the ETA hand wind movement from a local authorized Panerai dealer . After 1 month the crown disconnected from the movement and I could not wind the watch ( I have been an watch enthusiast for 50 years and knew of course to release the crown guard lock before winding ) The watch Came back from Panerai warranty service I believe located in Houston Texas and everything worked fine. After another 18 months the watch started running erratically an hour fast a day ! I thought it likely had become magnetized . My local Panerai dealer sent it to Panerai for repair . The watch came back with a letter from Panerai that the watch had been repaired thoroughly tested etc etc I put the watch on and it still ran an hour fast a day. I contacted my AD and traded the Panerai in on a Tudor Pelagos which has run flawlessly since . I was shocked at the poor quality of service and quality control at Panerai ! I realized when I bought the watch that it was essentially an ETA pocket watch movement costing about $300 housed in a very very expensive case but I loved the design and history of the brand . I will never own another Panerai


  • Like many other Paneristi, I have sold all of my OP pieces in light of these glaring deep-dives by Perezcope and others. It’s sad and refreshing all at the same time looking at the fraud that Panerai has become. There doesn’t seem to be any light at the end of this tunnel, or what some may refer to as a hole in the ground.


  • Thank you! Frantic journalism.
    As others have said, there is nothing wrong with sourcing parts, or even entire movements. The problem lies in the lying. One would think the effort not worth the potential damage to the brand. This demonstrates what happens when the passions of the founders are replaced by the passions of the investors. Their formula for success being that it is better to pillage for as long as possible; scrap the brand if necessary and then buy or resurrect another and do it again.
    As a recent watch enthusiast, this arctical means that I will never buy a Richemont product. I feel lucky to have found this article while furthering my interest in purchasing a Panerai. I’m happy with my Tudor Tiger, 7750, I knew what it was when I bought it for approx USD4500…a great value. And I was happy to pay top dollar for my Zenith triple date flyback. But I could only feel abused knowing I had paid more than for the Zenith only have purchased something on par with my Tudor. Thanks for saving me that pain.


  • It seems that Panerai is going the way of…..dare I say it…..Invicta. A (relatively) old name with a great reputation that is racing to the bottom.


  • Thank you. That was a well written and well researched Saturday morning read and expose on what is an underhanded practice. Shame on Panerai and more so too, the self appointed media authority who flog the misrepresentation for money over facts in their ‘reviews’.

    Cheers from Canberra, Australia.


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