Panerai watches are becoming very popular. Their pedigree and history as genuine divers' watches combined with a rugged and understated styling has made them an iconic watch for many. But with them costing anything between $4,000 and $20,000, they aren't cheap. However, it is possible to buy cheap Panerai watches; you just have to know where to look.

Panerai watches are becoming a must have item for collectors, historians, watch enthusiasts and those that appreciate their simple beauty. Their popularity has been boosted by being worn by the World's celebrities.

Whether it's a Luminor, Luminor Marina, and Radiomir from the Historic or Contemporary collection, they are instantly recognizable by their large size (40 to 48mm), cushion shape (in part because of each watch being fitted with a Corundum glass 3.5mm thick) and by most models having, what has now become the company trademark, the crown lever. Which model you buy is a personal matter - my favorite is the Luminor Submersible from the Contemporary collection - the PAM00025 model; titanium case, black dial, Paris hobnails decoration and rubber strap.

However, it's difficult to buy a cheap Panerai watch. This is for two reasons; firstly, the company doesn't want to down grade its product by selling them at discounted prices during 'sales' season. Secondly, and more importantly, it makes only around 35,000 watches a year. With so few being made and with such a high demand, it doesn't need to sell them at discount prices.

So, is it possible to buy at a discount?

Many retailers - even online retailers - will not budge on price no matter which model you buy or how many. With so few around they have no trouble selling them to the next buyer. What you might be able to get are extras, such as straps and buckles. Eventually, you're going to have to replace these and at around $150 - $250 a go, you can save yourself this future expense if you can persuade the retailer to throw one in with the purchase.

Okay, but this doesn't get you discount Panerai watches. However, many savvy buyers in America can save themselves a lot of dollars if they buy from Italian boutiques. When buying from outside the EU (European Union) you can claim the VAT (values added tax) back on your purchase. This can be as high as 15%. Another perk is that they can usually ship them very quickly due to the connection between the boutique and the company.

Another option for the savvy buyer is to buy from other places like Hong Kong or Singapore. Because of currency differences, the buyer can save quite a large chunk of money.

You can find these boutiques easily enough online.

If you do buy from abroad, you'll have to wire the money or pay by AMEX accompanied by a photocopy of proof of identity such as a passport. Also, you'll have to pay a surcharge to the shipping company when the watch is imported - before you buy, you can contact a shipping company and find out how much this would be.

Also, the boutiques have busy times of year especially around April; they may not speak English as well as you'd like - please be patient and you'll get a better service.

It's a more complicated way to buy Panerai watches than talking a trip to your local store but saving money often requires a bit of effort. However, for those that are prepared to make the effort, the reward will be owning one of the World's finest watches at a discounted price.