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Officine Panerai

The Rolex/PANERAI 2533 came out in 1936 (they are docs to prove it!)

 

The Rolex/PANERAI 3646 was introduced late 1937 replacing the Rolex 2533 which was inefficient under-water (lately (finally) I saw many corresponding letters between Rolex and Panerai refering this issue (water-resistance) for all 2533 that were going back and forth from Panerai to Rolex to Panerai. Part of the those documents included import-export documentation of approx. 16 x 2533 pieces).  Those documents are clearly dated and stamped by many legal administrations of both countries.

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