I thought my Panerai collection was finished. I had the PAM00580 and the PAM00654, two watches I reach for more than almost anything else, and I had quietly stopped looking. Then Panerai released the Submersible QuarantaQuattro Luna Rossa, reference PAM01681, with a glossy gray dial unlike any Panerai I had seen, and here is the embarrassing part: gray is my favorite color. It dominates my wardrobe. It is the color of my car. The watch might as well have been built to order.
Panerai has been making this kind of marriage for a long time. The brand was founded in Florence in 1860, supplying precision instruments to the Royal Italian Navy, so a partnership with Luna Rossa, Italy's America's Cup sailing team, sits naturally on the maritime side of its history. This edition marks the 37th America's Cup, sailed in Barcelona in 2024, where Luna Rossa fought to the Louis Vuitton Cup final before losing to INEOS Britannia, and went on to win the inaugural Puig Women's America's Cup.
The Panerai Submersible QuarantaQuattro Luna Rossa (Ref. PAM01681) commemorates the 37th America's Cup. Limited to 137 pieces, it's a functional diver with the Luna Rossa color scheme and Panerai's characteristic proportions.
First Impressions
The PAM01681 makes an immediate impression. The 44mm brushed steel case has the typical Panerai presence, though it remains wearable despite the size. The glossy gray dial with luminous markers gives decent legibility in low light. Small seconds at 9 o'clock, date at 3 o'clock.
The polished ceramic rotating bezel with graduated scale reinforces the dive-watch purpose and contrasts nicely against the brushed steel. The screwed brushed steel caseback provides the expected structural integrity.
Movement & Performance
The automatic P.900 calibre powers this watch. At 4.2mm thick, it's slim for a movement offering a 3-day power reserve. 23 jewels, 28,800 alternations per hour, Incabloc anti-shock device. It works.
Comfort & Wearability
Despite its tool-watch bones, the Submersible QuarantaQuattro Luna Rossa wears comfortably. The bi-material grey Luna Rossa strap references the AC75 Luna Rossa boat and balances durability with flexibility. The trapezoidal brushed steel buckle secures it well.
Diving Capability & Practicality
Water resistance of 300 meters (30 bar). Unidirectional rotating bezel for tracking dive time. Oversized hands and luminescent markers for readability underwater. Though inspired by yacht racing, it handles dive-watch duties.
Personal Experience & Thoughts
What sealed it was the dial in person. Photographs flatten it, but in the light the glossy gray shifts and deepens, framed by the black ceramic bezel, and it reads far richer than "a gray Panerai" makes it sound. I had been waiting for a Luna Rossa edition I actually wanted to wear rather than just admire. This was it.
Final Verdict
On its own merits the PAM01681 is a genuinely capable diver: 300 meters of water resistance, a three-day movement, the usual Panerai presence, dressed in a color most dive watches would never risk. For a sailing fan or a Panerai collector it is an easy watch to like. For me it was simpler than that. I told myself my collection was finished, and then a brand I already loved made a watch in my favorite color and capped it at 137 pieces. I was never not going to buy it.
