The Panerai Luminor Marina, launched to the public in 1993 as reference 5218-201/A, was the first Panerai watch sold commercially after decades of military-only supply. It has a steel cushion case of about 44 mm, a crown-protecting bridge, a hand-wound movement and a sandwich dial with luminous numerals and markers. The earliest examples carry a “Luminor” logo dial and are known to collectors as “pre-Vendôme”, from before Richemont took over the brand; sources differ on the exact movement calibre, so it is not stated here.

Panerai had built dive instruments for the Italian navy since the 1930s, and the 1993 release was a small run aimed at the Italian market, followed by a wider launch in 1997 under Richemont. The Luminor design, with its crown guard and sandwich dial, is the lasting shape of the brand.

Collectors prize the pre-Vendôme Luminors for their rarity and their place in the brand’s rebirth, and good examples sell for much more than the modern Luminor Marina. The original 5218-201/A is no longer made, but the Luminor Marina remains in Panerai’s current collection.