Jewellery Arabia remains one of the most important shows for Officine Panerai, which is showing off a very special new model at the Bahrain watch and jewellery exhibition.

Among its collections on display is the Luminor 1950 Equation of Time 8 Days GMT, which show both the actual time and conventional time and comes in two versions. The watch is equipped by the new P.2002/E movement, a hand-wound calibre with a power reserve of eight days, produced in Panerai’s manufacture in Neuchâtel, Switzerland. 

This new creation is presented in two versions, differing  from each other in the colour of the alligator strap and the dial, which may be either an intense brown (PAM00656) or a fascinating metallic blue (PAM00670).    

“The two watches we launched at the show are the highlight of the event for us as they show we are able to create sophisticated movements with great features,” says Milvin George, managing director, Middle East, Turkey and India, for Officine Panerai.

Panerai has been regular at Jewellery Arabia for the past few years, and considers it one of the most important shows in the region. 

“Our participation is a token of our appreciation of the partnership with Asia Jewellers and the many watch enthusiasts, collectors and people who understand and closely follow our industry. It’s our natural place to be at Jewellery Arabia,” George said.

“The show draws collectors and enthusiast from all over the region. We are able to meet customers from other GCC states such as Saudi Arabia, Kuwait, Qatar and the UAE, apart from Bahrain,” he continued.

The new watches, he adds, were launched to “emphasise Panerai’s presence in the market and the importance of the show to us”.

Speaking on the plans for the New Year, he said Panerai has released two models as a sneak preview of what it is going to be doing next year. 

“We are bringing out a collection of vintage-inspired watches. They are very nice limited edition purely collector’s models and the region’s clients will love to see them,” he said. 

The watches will be launched in January at the Salon International De La Haute Horlogerie (SIHH) in Geneva, Switzerland.

Panarei, an Italian brand with a deep Florentine heritage, has its manufacturing unit on the lake of Neuchâtel, a city with one of the oldest horological traditions in Switzerland. “We are a solid brand that has a very unique story. We are Italian and Swiss made, the best marriage in Europe,” said George with a chuckle. 

“Panarei has developed more than 20 in-house movements of which most complicated is the Tourbillon Minute Repeater and Tourbillon Equation of Time. We have done many high-end movements in a very short time. We operate in a very niche segment of the market,” he added.

Talking about the key ingredients behind the success of the brand, George, who is a veteran of the fine watchmaking sector with over 20 years of experience, said: “The key success for Panerai is staying true to its brand DNA. Innovative technology, design, distribution, and customer experience are also key to the brand’s success.”

The brand has a network of over 65 exclusive boutiques around the world. The distribution is well balanced between Asia, Europe, the Middle East and the Americas. In the Middle East, Panerai has 11 boutiques.

“The Middle East is a growing market where the luxury consumption starts at the age of 20. In terms of habits and understanding of luxury, there a lot of interest and awareness today in the region,” George revealed.  “We are the leaders in India and the country is a big success for us. We have celebrities, industrialists, politicians and others wearing the brand.” 

The brand has had double-digit growth in recent years and the market is very promising, he said. “We know there is an opportunity to capture a greater share of the market,” he added.

Panerai is also focusing on its digital communication strategy to reach more people, including the Millennials and plans to launch an Arabic website to cater to the needs of the region.

George in not worried by the current economic downturn and its impact on the luxury market. “We have limited production and are not able to satisfy demand,” he said.