Geneva Watch Week is a noisy place. Hundreds of releases land simultaneously, and for smaller independents, the risk of being drowned out by Rolex and Patek Philippe is very real. Yema had a smarter idea. Rather than joining the single-day avalanche, the French manufacturer structured their 2026 presence as five acts, one limited edition revealed per day across the entire week. The curtain-raiser was the Navygraf Phantom CMM.10, and as opening statements go, it was a confident one.
To understand the Phantom, you need to understand what the Navygraf is, and where it came from. It showed up in the 1970s, designed by Jean Müller as a more accessible companion to Yema’s iconic Superman diver, and it brought two signatures with it that have never left: exclamation mark hour indices and bold yellow hands, both there for one reason – to be read underwater. Over the decades it became a genuine French naval tool, and in 2020 that association was made official when the Marine Nationale and the French Air Force both nominated Yema as their partner for military-grade tool watches.
The Phantom takes the existing Navygraf CMM.10 and pushes it into stealth territory. The 38.5mm 316L steel case, bracelet and all, is now finished in black PVD coating throughout which could easily have resulted in something flat and characterless. Yema has avoided that trap by mixing vertically brushed surfaces with polished chamfers along the flanks, so the case still catches the light and holds its shape. A 2.5mm double-domed sapphire crystal sits above it all, adding both scratch resistance and a warm, vintage feel. On the wrist the vintage silhouette sits in contrast with the inherently bold, all-black aesthetic. It won’t be for everyone, but for those who favour a stealthy, understated look, it’s hard to argue with the result.
Strip back the aesthetics though and what you have is a serious diver. The yellow hands aren’t a style choice, they’re the fastest thing to find in murky water at depth, and against the blacked-out watch the contrast is more striking than ever. The indices and bezel marker are packed with Grade A Super-LumiNova for the same reason, while the sandblasted ceramic bezel won’t chip or scratch however hard the water gets. The screw-down crown holds at 300 metres; the bracelet has a diver’s extension. Every decision has a reason, and that reason is the water.
Despite the 300-metre water resistance rating, Yema has opted for a sapphire exhibition caseback. That’s because the movement inside is worth showing off. The CMM.10 was developed in-house, its bridges and mainplate made in Yema’s own Morteau workshops, with regulating organs sourced from Switzerland within 72km. 208 components, 27 jewels, 28,800 vph, a 70-hour power reserve, Glucydur balance wheel and Incabloc shock protection, it has all the modern bells and whistles of a solid calibre. Accuracy sits at -3/+5 seconds per day, exceeding COSC chronometer standards.
At £1,710 for 200 pieces, the Phantom is what a limited edition should be. Yema has taken a watch with real naval heritage, fitted it with a movement that punches well above its price, and produced something that earns its limited-edition status.
Price and Specs:
More details at YEMA.
