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For most watch fans, the name Panerai probably conjures an image of a large and in-charge dive watch fit for the hulking wrists of Arnold Schwarzenegger or Sylvester Stallone. It’s a bias that’s well earned. Panerai made its bones creating dive watches for the Italian Navy and the Maison’s first Radiomir clocked in at 47mm, which was massive back in 1940.
Today more than half of their collection is 44mm or beefier. But over the last few years, the brand has been heeding the Hodinkee commentariat’s demands for smaller pieces and added more watches to its catalog in 40mm and even, gasp…38mm. The latest is the Luminor GMT Ceramica PAM01460, Panerai’s first 40mm offering in ceramic.

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Black on black on black, this Luminor is stealthy and sleek. The matte ceramic case is naturally lightweight and highly resistant to corrosion and scratches. The cushion case design features Panerai’s hallmark edges and lever-locked crown guard.
The black dial is decorated with stick indexes and Arabic numerals at 12 and 6 o’clock. A sub-dial at nine ticks of seconds while a window at three indicates the date. The sword-style hands and markers are all filled with Super-LumiNova X2 for legibility under cover of darkness or beneath the sea. The “BiTempo” inscription on the dial references the Italian term for “dual time”—a nod to the brand’s Florentine heritage.

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Inside the ceramic, the PAM01460 is powered by the automatic P.900/GMT movement with a three-day power reserve. Visible through a smoked sapphire crystal open case back, the caliber is equipped with a stop-second function for setting against a reference time. The GMT complication uses a 12-hour display, a throwback to some of Panerai’s earliest dual-time models.
The watch comes on an elegant black calf leather strap and in the box you’ll find an additional black rubber strap. Both are equipped with a quick release system. So you won’t need any tools when it’s time for a dive.
The Luminor GMT Ceramica PAM01460 is available at Panerai boutiques for $15,800. For more information visit panerai.com.