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During my research to purchase my Sub back in 2012, I found that London was the cheapest city to get one after the VAT refund. The problem was the Sub being such a well sought after model, all the AD do not have it in stock. I reckon Australia would be the best country to buy luxury watches today due to our rubbish currency exchange against all major currencies.
For Panerai, Italy will be the cheapest country to get it. Just make sure you ring their AD to see if they have the model you are after before visiting them.
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