The Panerai PAM024 and PAM025 are two of the most collectible early Luminor Submersibles, separated by case material and one of the most charming dial details in Panerai history. Both are 44mm dive watches with the Egiziano-style rotating bezel and 300m water resistance, but the PAM024 is steel with a smooth dial while the PAM025 is titanium with a “clous de Paris” hobnail dial. This guide compares these vintage-flavoured classics.
Prices and specifications as at June 2026. Both references are discontinued and collectible; pricing reflects the pre-owned market. Always verify with authorised dealers or trusted sellers.
TL;DR — PAM024 vs PAM025
Both are early 44mm Luminor Submersibles with a unidirectional diving bezel and 300m water resistance. The PAM024 has a polished stainless steel case and a smooth black dial — the more classic, heavier choice. The PAM025 has a titanium case and a distinctive “clous de Paris” hobnail-textured dial — lighter and more characterful. Choose the PAM024 for a traditional steel diver; choose the PAM025 for titanium lightness and that special hobnail dial.
Table of Contents
- Early Submersible Classics
- Specifications Side by Side
- Steel vs Titanium
- Smooth vs Hobnail Dial
- On the Wrist
- Price & Collectibility
- Who Should Buy Which?
- Final Verdict
- Frequently Asked Questions
Early Submersible Classics
The PAM024 and PAM025 hail from Panerai’s early civilian era, when the Luminor Submersible was establishing itself as the brand’s serious dive watch. Both wear the 44mm Luminor case with the crown-protecting bridge and a unidirectional rotating diving bezel (the classic “Egiziano-style” toothed bezel), and both are rated to 300m. They are closely related siblings — but Panerai gave each a distinct personality through case material and dial treatment, and that is what makes choosing between them interesting for collectors.
The PAM024 is the steel version with a smooth black dial: the more traditional, substantial take on the early Submersible. The PAM025 swaps steel for titanium and adds a “clous de Paris” (hobnail) textured dial, giving it a lighter feel and a more distinctive, sought-after face. For collectors of vintage-flavoured Panerai, both are desirable, and the choice often comes down to whether you prize the classic steel look or the special titanium-and-hobnail combination.
Specifications Side by Side
| Specification | PAM024 | PAM025 |
|---|---|---|
| Model | Luminor Submersible | Luminor Submersible |
| Case diameter | 44 mm | 44 mm |
| Case material | Polished stainless steel | Titanium |
| Dial | Smooth black | Black “clous de Paris” hobnail |
| Bezel | Unidirectional diving | Unidirectional diving |
| Movement | Automatic (OP III) | Automatic |
| Water resistance | 300 m (30 bar) | 300 m (30 bar) |
| Character | Classic, substantial | Light, distinctive |
Steel vs Titanium
The PAM024’s polished stainless steel case has a bright, classic dive-watch look and a reassuring heft. Steel is highly scratch-resistant and gives the watch a planted, substantial feel on the wrist — exactly what many buyers want from a tool diver. It is the more traditional choice.
The PAM025’s titanium case is noticeably lighter and has a warmer, more muted grey tone. Titanium is hypoallergenic and excellent at resisting corrosion — ideal traits for a dive watch — and the weight saving is genuinely noticeable on a 44mm case. The trade-off is that titanium shows fine scratches a little more readily than hardened steel, though it wears its marks gracefully.
Smooth vs Hobnail Dial
This is the detail collectors fixate on. The PAM024 has a clean, smooth black dial — straightforward and legible, the classic Submersible look. The PAM025’s dial features a “clous de Paris” (hobnail) guilloché texture, a fine pyramid pattern that catches the light and adds real depth and character. It is a subtle but special touch that makes the PAM025’s face more interesting and is a big part of why that reference is so sought-after. If you love a textured, characterful dial, the PAM025 is hard to beat; if you prefer clean simplicity, the PAM024 delivers.
On the Wrist
Both share the 44mm case and diving bezel, so the footprint is the same, but the PAM025’s titanium construction makes it the lighter, more comfortable wear over a long day, while the PAM024’s steel gives it more heft and a planted feel. For more on Panerai sizing, see our size guide. Beyond weight, the hobnail dial gives the PAM025 a livelier presence in the light, while the PAM024 keeps things classically understated.
Price & Collectibility
Both are discontinued early Submersibles with strong collector appeal. The titanium, hobnail-dial PAM025 often attracts particular interest for its distinctive dial and lighter wear, which can support its value, while the classic steel PAM024 appeals to those who want the traditional, substantial look. As with all vintage-leaning Panerai, condition, originality, box and papers are decisive. For broader context, see our Submersible vs Luminor Marina guide and Is Panerai Worth It?
Who Should Buy Which?
Buy the PAM024 if: you want the classic, substantial steel Submersible. The polished steel case and clean smooth dial give it a traditional, planted dive-watch feel, and steel’s scratch resistance makes it an easy watch to live with.
Buy the PAM025 if: you want lightness and a special dial. The titanium case is comfortable and warm-toned, and the clous de Paris hobnail dial gives the watch a distinctive, characterful face that collectors specifically seek out. It is the more interesting of the two.
For a traditional steel diver, the PAM024 is the pick. For titanium comfort and that coveted hobnail dial, the PAM025 wins.
Final Verdict
The PAM024 and PAM025 are two takes on the same early Luminor Submersible. Take the PAM024 for classic, substantial steel and a clean dial, or the PAM025 for lightweight titanium and the distinctive clous de Paris hobnail dial that collectors love. Both are desirable vintage-flavoured divers — let case material and dial texture, plus the condition of the specific example, guide your choice.
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