I think the PAM 512 would be a good choice for a smaller wrist if you are willing to forego owning a Luminor model. For most ladies, no matter what Panerai you get (even a Luminor Due model) the watch will give you an oversized look. This is presumably what you are going for. I would be really careful though with a 44-47mm model. If the lugs are hanging off the sides of your wrist, the watch will just look foolish.
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