Name your Palette: Description: http://www.finestwatches.com This venerable company was established in Florence in 1860, by Giovanni Panerai and his family. Their initial specialization was to produce precision instruments for the Italian Navy. Thus, it was natural that Panerai developed an interest in watchmaking for the commandos. As early as 1930, they had an exclusive contract with the military and provided watches, torches, and aiming sites for torpedoes.