The Italian brand Panerai has been involved with precision instruments for over a decade, initially creating tool watches for the Italian military. It was when the Royal Italian Navy commissioned the brand to supply watches that Guido Panerai developed Radiomir, a radium-based substance that illuminates in the dark, to provide visibility for underwater divers. It was patented in 1916.

The Radiomir collection’s designs were protected by military secrecy and were produced purely for the forces until the early 1970s. It wasn’t until the 1990s that Officine Panerai entered the commercial market and the timepieces of the legendary naval divers of the ’40s – including the Luminor, the rugged and sportier brother of the more sophisticated Radiomir  – could be enjoyed by discerning watch enthusiasts.

The brand was acquired by the Richemont group towards the end of the last century and has since reopened its historic boutique in Florence’s Piazza San Giovanni, and also established the Panerai manufacture in Neuchâtel in Switzerland, allowing the marriage of Swiss technical knowhow and Italian design flair to create more slickly technical models.

In more recent years, Panerai has developed initiatives with an eye on sustainability, including eSteel, a next-generation metal made from pre-consumer recycled-steel scraps from different industries, including from the Swiss watchmaking manufactures.

The latest interpretation of the Radiomir line, Radiomir Quaranta, is now available in Panerai Goldtech, a new material innovated by the brand. This is a gold material that combines platinum and copper and results in a stronger, more hard-wearing alloy with a warm, intense red-gold appearance.

Meaning “40” in Italian, to reflect the case size, the Radiomir Quaranta is smaller than the original from some eight decades ago, which was a hefty 47mm. The new version is a slender 10.15mm thick, the slimmest in the whole collection, which makes it a versatile silhouette for all genders. Its cone-shaped crown, a distinctive feature of the Radiomir design, adds sophistication and luxury.

The signature cushion-shaped case with white “sun-brushed” sandwich dial has indices at 12 and 6 o’clock, with a small seconds dial at 9 o’clock, and plays with the light as the wearer moves, while the matching beige Super-LumiNova illuminates in green when dark. It comes with an interchangeable strap, available in calf or alligator in a large number of colours, and a Goldtech buckle.

Powered by the P.900 calibre, a slim new movement and the first of its size from Panerai to combine date, three days’ power reserve and water resistance to 50m make it as interesting on the inside as the outside.

It’s a lovely piece of elegant kit. It may not boast its historic frogman credentials while robed in its new precious metal, but it is probably the nearest to a dress watch that Panerai has ever come.

£15,700; panerai.com