This is an example of the brand-new replica Panerai Submersible. It's available in a number of different configurations, such as the PAM-24 and PAM-25. It uses an Asian movement instead of the traditional ETA or ETA copy. Quality-wise the materials are not up to the standards of a genuine Officine Panerai Submersible. Also, the date wheel on the replica has an incorrect font, as you can tell in one of these photos.

Panerai PAM 106 Submersible

Compare to Genuine Panerai PAM-106s on eBay

PANERAI SUBMERSIBLE PAM 106 TITANIUM & STAINLESS STEEL US $6,500.00 (0 Bid) Auction Ends: End Date: Tuesday Sep-14-2010 3:35:37 PDT Add to watch list

Panerai PAM 106 Luminor Submersible Automatic 44mm LNIB US $7,250.00 Auction Ends: End Date: Friday Sep-17-2010 15:15:09 PDT Add to watch list

Panerai Luminor Submersible PAM106 Anthracite PAM 106 US $7,995.00 Auction Ends: End Date: Thursday Sep-23-2010 7:25:35 PDT Add to watch list