Over the past few months, I purchased two watches from the Panzera Aquamarine line — similar in concept, yet very different in execution. Instead of writing separate reviews for each, I decided to cover them together in a single article, as this approach offers a more comprehensive look at the Panzera brand itself.
Although the company was established back in 2009, it’s quite possible you haven’t heard of Panzera — and that’s actually not surprising. The brand is based in Australia and primarily sells its watches directly to consumers. I discovered them through orologichepassione (later named OCP) one of the very few online retailers offering Panzera watches. The selection on OCP was intriguing enough that I eventually decided to explore Panzera’s official website.
The selection on OCP was intriguing enough that I eventually decided to explore official Panzera web pages. Panzera’s collection is organized into four main pillars: Classic (Classivo models), Pilot (Flieger models), Motorsport (Time Master models), and Marine (Aquamarine models). Most of their watches are large, typically ranging from 43 to 46 mm in diameter, with only a few exceptions — such as the Aquamarine 40 and the women’s Aquamarine 36.
One interesting development is that Panzera has recently expanded operations to Switzerland. As a result, most models are now assembled in Australia and powered by Seiko or Miyota movements, while their "Swiss Made" watches are assembled in Switzerland and feature Swiss movements like the ETA 7750 or the Landeron 24. (Yes, we could debate whether Landeron truly qualifies as a Swiss movement, but let’s leave that discussion for another time.)
So, what exactly do I have here today?
On one side, I have a representative of the Sydney-made collection — one of the brand’s “veterans,” the popular Aquamarine 45-D (presumably, D stands for Diver). This is a compressor-style dive watch powered by the Seiko NH35 movement, purchased from OCP and fitted with the R11 Silver rubber strap.
On the other side, I have one of the latest and most expensive models — the Swiss-made Aquamarine 45-C (likely, C for Chronograph), equipped with the ETA 7750 movement. I purchased this one directly from Panzera, on a stainless steel bracelet. I also ordered an additional rubber strap, different from the one on the 45-D — this one is the R8 Silver.
So, both watches come from the Aquamarine line. Which might leave you wondering: why two watches from the same collection?
First of all, among all Panzera models, the Aquamarine line is by far my favorite. Secondly, the comparison feels more “fair,” since I’m evaluating two watches built on similar platforms. And lastly, I’ve also (pre-)ordered the brand-new Flieger GMT model, which is scheduled for release in May 2024. Once it arrives, I’ll update this review accordingly. Stay tuned — the Flieger will introduce several differences, as I opted for a different dial color, a black PVD case, and more.
But for now, let’s focus on the two Aquamarines.
What immediately stands out is that both watches are built around the same slightly barrel-shaped case design. The 45-C features a polished finish, while the 45-D has a brushed one. Where the 45-C has chronograph pushers, the 45-D is equipped with two crowns — the upper one for time setting, and the lower one for rotating the internal bezel. Case diameter, shape, and lug-to-lug (L2L) length are identical. A nice touch is that the straps and bracelets are fully interchangeable between the two models — with one minor exception, which I’ll discuss later.
All crowns are signed and screw-down, so aside from crown size, there are no differences on that front.
As seen in the photos, the 45-C is noticeably thicker than the 45-D — which is, of course, expected, as the ETA 7750 movement requires more vertical space than the Seiko NH35. Interestingly, the difference in thickness is achieved via the caseback rather than the main case body.
One curious detail is that Panzera’s official specifications list both watches as thinner than what I was able to measure. The 45-C is officially listed at 14.25 mm, while I measured it at 15.9 mm. The 45-D is stated to be 13.5 mm thick, but my measurement came in at 14.5 mm. I measured the total height including the crystal, so it’s possible that Panzera’s figures exclude the glass.
Speaking of the caseback, this is where we encounter the first major difference in the construction of these two watches. The 45-D features a simple, round, screw-in stainless steel caseback, while the 45-C comes with a far more complex decagonal caseback with a sapphire exhibition window in the center. The 45-C’s caseback is secured with ten screws, giving it a much more refined and premium appearance.
Just by examining the casebacks, it's immediately obvious which of the two watches belongs to the higher price tier.
By the way, both watches were purchased around the same time — and judging by the serial numbers, it's easy to tell which of the two is far more common on the market.
The first thing you’ll likely notice is the identical hands — somewhat unusual, as they’re shaped like hollow rectangles. From what I’ve observed, hollow hands seem to be a sort of design signature across all Panzera models. Some use hollow pointers, others go for these rectangle-style hands. I still haven’t fully decided whether I like them, but I’m leaning more toward yes than no.
That said, I’m not entirely convinced by the yellow hands on the subdials. I think thinner yellow pointers would look better visually — and would also make it easier to read the small totalizer dials. These thick rectangles just seem a bit out of place when precision is needed on such a small scale. Still, I do like the choice of yellow for both the chronograph and totalizer hands — it’s vibrant and gives the dial a dynamic touch.
Another element worth mentioning is the 12 o’clock marker — similar on both watches, but not identical. On the 45-D, the triangle serves as the starting point of the 15-minute countdown on the internal bezel, while the two flanking dots sit on a lower inner minute track. On the 45-C, the triangle follows the brand’s more typical layout and is placed between the two dots directly on the main dial.
If we put aside the fact that both watches share the same blue dial color — which happens to be my personal preference, though this choice could easily vary — that’s more or less where the similarities end. I was genuinely surprised to realize just how much of an impact the hands have on the overall perception of a watch. In fact, two otherwise very different watches can look surprisingly alike simply because they share the same set of hands (and dial color).
Yes, the hour markers are somewhat similar, but not identical. The 45-D features two parallel, relatively long lines at each hour, while the 45-C opts for single markers that are a bit thicker and shorter. I personally prefer the look of the 45-C — it feels more refined.
Then there’s the matter of the date display. The 45-D uses a triple-date window showing yesterday’s, today’s, and tomorrow’s date. I’ve always questioned the usefulness of this design — I’ve never really understood what added value it brings to see the adjacent dates. The 45-C, on the other hand, makes full use of the standard ETA 7750 layout, including both the day and date complications.
Because of the chronograph subdials and the day/date display, there’s very limited space left for branding on the 45-C dial. As is often the case, "Panzera" is placed above the date window, and for visual balance, "Automatic" is printed below it. In contrast, the 45-D distributes text across the dial: “Panzera” sits below 12 o’clock, “Automatic” above 6, and the model name “A45-D” is printed near 9 o’clock. Interestingly, the 45-C omits the model designation entirely — and honestly, I think that’s a good thing.
And before I forget — the 45-C includes a small “Swiss Made” marking on the chapter ring just below the 6 o’clock position. The origin of the 45-D, on the other hand, is left completely unmentioned.
Both models feature a distinct 3D visual structure. On the 45-D, the three-dimensional effect is achieved through the raised internal rotating bezel, while the 45-C uses this layered section as a fixed minute chapter ring.
However, there’s one unusual — and frankly unnecessary — detail on the 45-C’s chapter ring: the half-hour markings. Strangely, these are more prominent than the minute markers, which makes little sense in this context. My best guess is that this might be a leftover design element from a planned or future GMT model, where half-hour markers could serve as hour indicators for a 24-hour GMT hand. But here, in this chronograph setup, it feels awkward and out of place.
And speaking of dial elements, I nearly forgot to mention what is, in my opinion, the most visually striking difference: the outer bezel. The 45-C is fitted with a beautiful decagonal stainless steel bezel, where polished and brushed surfaces alternate in a refined and eye-catching pattern. It gives the watch a much more premium and architectural feel compared to the more tool-like, functional bezel on the 45-D.
The brushed sections of the 45-C’s bezel are much larger, while the polished parts resemble index markers. I still haven’t figured out why the bezel was given a decagonal shape or what the purpose of these ten "indexes" might be. Perhaps I’m just trying to find meaning in what is simply an aesthetic design choice. And even if its only purpose is visual appeal, I must admit — the designers nailed it. The bezel looks fantastic and even reminds me of the Maurice Lacroix Aikon. In fact, I’d say it’s the most attractive design element across both watches.
The 45-D, in contrast, features a much simpler, polished, cone-shaped steel ring. It’s not bad at all — actually quite elegant in its own way — but it’s nowhere near the level of refinement and visual impact offered by the 45-C’s bezel. That said, both watches feature a nice interplay of brushed and polished surfaces, and the finishing on all steel components is very well executed.
Both models use the same grade of luminova — and a good one at that. Visibility remains excellent throughout the night. However, I do find the lume execution on the 45-D a bit overdone. I understand the logic behind illuminating the inner bezel for diving purposes, but it doesn’t exactly help with quick and clear time reading. On top of that, the second hand is also lumed, which adds to the visual clutter in the dark.
In contrast, the 45-C is much cleaner and easier to read at night. Since I don’t dive, I definitely prefer a more restrained lume setup — in this case, less is more.
Both models are, of course, fitted with sapphire crystal featuring anti-reflective coating — as expected in this price range.
Now it’s time to say a few words about the bracelet and straps. I must admit, I’ve had quite a bit of fun swapping them between the two watches. Thanks to the quick-release spring bars on all of them, the combinations are effortless — and the fun just keeps going.
Let’s start with the bracelet. One very important point: it’s heavy. Once sized down to fit my 19 cm wrist, the bracelet alone weighs almost 120 grams. For comparison, the 45-D head weighs 115 grams, while the 45-C comes in at 130 grams. So, when worn on the bracelet, the total weight is around 250 grams!
That may sound like a lot, but it makes sense when you consider the proportions — the bracelet tapers from 24 mm at the lugs down to 22 mm at the buckle. It’s a bold, masculine bracelet, perfectly suited for such large watches. And surprisingly, the weight isn’t bothersome at all. Both watches feel completely natural on the wrist when worn on the bracelet — I was genuinely impressed by the comfort.
The bracelet also features a combination of brushed and polished surfaces, which allows it to pair naturally with both watches — the polished case of the 45-C and the brushed case of the 45-D. Since both cases share the same overall design, the end links fit perfectly on either model. No complaints there.
However, there is one small detail that can complicate things. The difference in case thickness means that the 45-D requires a slightly shorter bracelet than the 45-C. So, if you size the bracelet to fit the 45-C, it will feel just a bit loose — and slightly "dance" — when mounted on the 45-D. The difference isn’t drastic, but it is noticeable.
The links are 10 mm long, and the bracelet includes two ¾-sized links, which gives you decent flexibility in adjusting the fit. Still, the butterfly clasp — which is signed and operates smoothly — doesn’t offer any micro-adjustment options. That’s a shame, as it could have helped fine-tune the fit between the two cases with different thicknesses.
As for resizing: removing links isn’t too difficult, but the system used is far from ideal. The pins can be knocked out from either side, as they're held in place by a small clamp located in the middle of each link. It’s the least user-friendly type of link construction in my opinion, and requires a bit of patience (and the right tools) to handle properly.
The bracelet includes enough links to fit wrists of up to at least 23 cm — and if needed, additional links can be ordered.
Now, let’s talk about the rubber straps. There are two types: one is styled to resemble a leather strap, while the other is a true sport strap. Both designs feature faux stitching — the “leather” version uses stitching in a contrasting color, while the sport version has stitching in the same color as the strap itself. The “leather” strap is also slightly darker, which makes it match the blue dial particularly well.
Both straps are excellent. I’m a big fan of rubber straps in general, and I can honestly say these two are among my all-time favorites. Kudos to Panzera — well done!
Now, how does all this wear on the wrist? My wrist measures 19 cm, and with a lug-to-lug distance of 54 mm, you’ll want to pay attention here. As you can see in the photos below, the watches fit my wrist very well — but I would definitely advise against buying one of these if your wrist is smaller than 18.5 cm. Mine is right at the lower limit for comfortable proportions.
What really surprised me is that both watches actually feel better on the bracelet than on the rubber strap — and that’s coming from someone who almost always prefers rubber straps! I’m not saying the rubber option is a bad choice — far from it, it’s very good — but there’s just something about the bracelet that feels more natural. I can’t quite explain why, but it works. For both watches.
Another interesting detail: the watches arrived in very different boxes. I’m not sure whether the box for the 45-C is unique to this model or if it’s the standard packaging for all Swiss-made Panzera watches, but it definitely stands out. It’s yet another clear indicator of the 45-C’s higher status in the lineup.
I wouldn’t say the 45-D’s box is bad — it’s a simple leather case that does its job — but it’s clearly a more basic presentation. Practical, but nothing fancy.
At the end of my reviews, I usually say a few words about pricing — and with Panzera, that’s not exactly straightforward.
First, Panzera claims their watches are more affordable than competitors because of simplified, direct-to-consumer distribution. Well, that’s not quite true. Panzera watches are not cheap.
The official price for the 45-C on a bracelet is €2,480 excluding VAT (on a rubber strap it’s €2,340, and on a leather strap €2,370). But you can’t actually buy the watch without VAT — Panzera calculates and charges the full VAT based on your country of residence. For EU customers, that brings the final price to around €3,000, plus about €30 for shipping. That is a lot for a microbrand watch powered by the ETA 7750 movement.
Even more surprisingly, the 45-D is comparatively more expensive against the market standard. The base price is €740 on a bracelet, €595 on rubber, and €610 on leather — again, all before VAT. So, my 45-D on a rubber strap cost over €700 with tax, and nearly €750 with shipping. For a watch with a Seiko NH35 movement, that’s very expensive — far from the “affordable” image Panzera wants to portray. Just to put things into perspective: the rubber strap alone, if bought separately, is €72 + VAT — and ironically, that’s the only price that actually seems reasonable.
But then comes the catch.
Panzera offers a massive 40% discount on your first purchase. So if you're buying your first Panzera watch, you get 40% off. With VAT included, this brings the 45-C on a bracelet down to around €1,800, and the 45-D to about €430. Only at this point do the prices approach a more acceptable range — though still on the higher end of the microbrand spectrum. For comparison, the Swiss-made Formex Element Chronograph — a 46mm, high-quality watch — retails for around €1,500 with VAT.
What I don’t quite understand is the logic behind this pricing model. Does Panzera believe every first-time buyer will be so impressed that they’ll come back for more — even at full price? Or perhaps the opposite — that they’ll never return, so better make the first sale count? To be fair, returning customers do receive early access and a 40% discount during pre-orders of new models — but this doesn’t apply to older models. This pricing policy also discourages third-party retailers from becoming official Panzera dealers.
That brings me to OCP — currently the only known Panzera dealer. So, let’s look at their prices.
A 45-C on a bracelet costs €2,380 with VAT included. A 45-D costs €595 — again, VAT included. In other words, OCP offers the same base prices as Panzera, but already includes tax. On top of that, OCP occasionally offers additional discounts — for example, a 10% Valentine’s Day promo at the time of writing. So, here’s the rule of thumb: if you’re buying your first Panzera watch, do it through the official Panzera website. If you’re buying a second (or third...), check OCP first. Unless either shop happens to run a special deal — which happens fairly often — it’s worth comparing both.
All of this applies to EU customers. If you’re outside the EU, you’ll need to run your own numbers.
One final important point: the Panzera website gives you full customization options. You can choose case finish (steel or black PVD, if available), dial color, strap type, and strap color. At OCP, you’re limited to a large selection of preconfigured combinations. So for example, if you want a 45-C with a white dial, you’ll only find that option on Panzera’s site. Or if you want the 45-C on a blue rubber strap instead of the steel bracelet — again, only Panzera offers that choice. That said, I’m sure Massimo from OCP would be happy to special-order a configuration that’s not listed in their catalogue.
You probably now understand why I ordered the 45-C from Panzera and the 45-D from OCP. I had to wait more than two months for the 45-C, as it was in limited stock and sold out quickly. It was shipped directly from Switzerland and arrived within two days. The 45-D, ordered from OCP, arrived in just three days.
Unfortunately, that watch arrived with a technical defect—the movement was running way too fast (gaining 93 seconds per minute). Luckily, everything was resolved quickly with Massimo from OCP. After getting confirmation from Panzera, he allowed me to take the watch to my local watchmaker for inspection. We initially suspected demagnetization, but it turned out to be a small issue with the hairspring. The watch had likely received a severe shock during transport. As my watchmaker explained, the new N35 movements are more delicate than they used to be and don’t handle shocks very well. Still, it was a quick two-minute repair, done free of charge. (Had it required a proper service, OCP would have covered it.)
As a registered Panzera customer, I also took advantage of a preorder offer just before New Year’s for the new Panzera Flieger 45, which is scheduled for release in May. The overall quality of both previous watches, along with the attractive preorder offer, convinced me to go for it. I’ll definitely share my impressions of the Flieger GMT once it arrives. In the meantime, here’s a teaser photo of the combination I ordered.
You’ve probably noticed I haven’t said anything about the movements. That’s because there’s not much to add—both movements are well known and perform within the expected tolerances.
To conclude: Panzera watches are certainly well made, with some distinct and interesting design choices. The higher level of quality in their Swiss-made models is clearly noticeable. As these watches are big and hefty, their appeal may be more niche than that of a typical 40mm case. Still, I appreciate and respect Panzera’s philosophy. Even the name “Panzera” reminds me of “Panzer” German tanks—something solid, heavy, and robust.
It’s a pity that Panzera’s sales and pricing policy is so non-transparent—it gives off the impression of being just another “Invicta-style” brand, where official prices and actual selling prices exist in completely different worlds. If you like large, well-built watches, I can definitely recommend the brand. But you need to be very careful about when and for how much you buy. The official prices listed on Panzera’s own website have little to do with reality. According to their website, Panzera has sold over 250,000 watches—but I’m quite certain that only a small fraction of those were actually sold at full price. That makes it difficult to assess the price-to-quality ratio. At the official price point, you can certainly find better options elsewhere. But with a bit of luck and some savvy shopping, you can end up with a very good watch at a fair price.
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