When Richemont took Officine Panerai under its wing in 1997, it not only gained custody of a company that made watches for telling the time, but one that also had been instrumental in taking the technical aspects of timekeeping in extreme conditions to an unprecedented level. As a result, the new owners recognised the need to respect the prewar values of Panerai wrist-watches that demanded a high level of mechanical integrity while simultaneously undertaking to develop the original idea of a practical, robust, reliable and ingenious timepiece that also happened to be exceptionally handsome.

The task of creating watches worthy of bearing the Panerai name was made
less daunting by the giant leaps forward in watchmaking technology and expertise that recent years have brought. Instead of

resting on its laurels, Panerai surprised just about everyone by announcing a slate of new manufacture movements, signalling its desire to move into true watchmaking, solidifying its future in the luxury watch sector. Perhaps the most important of these is the advent of computer-assisted design and machining, which could not even have been dreamt of back in the 1930s, yet which enables Panerai's distinctive cushion case shape to be reproduced to remarkable tolerances. This makes the watches even more reliable and means that various dial and movement designs can be experimented with gradually to extend the range of models.

Among the first of these was the 47 mm Radiomir (PAM 00021), which was fitted with a Rolex movement in honour of those

original pre-war watches. Only
sixty were produced, which became instant collectors’ pieces. Then there was
the Luminor Marina Militare of 1998 (PAM 00036) with hand-wound mechanical
movement and lock-down winding crown, available in only 200 pieces. A series
of limited-edition chronographs also appeared, as did new dial colours and
case materials; but so did extraordinary new interpretations of classic Panerai
themes. The ‘Luminor Sealand’ models, for example, had hinged covers that
snapped shut to protect the dial and crystal from knocks; and as these made perfect blank canvases for engraving, a whole new series of special editions arose. The ‘Jules Verne’ bore an image of Captain Nemo on the bridge of the Nautilus;
the ‘for Purdey’ models depicted big
game animals.