September 1 2026

Squale And AWCo Revive Blancpain Dive-Watch History With The Milbino

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The new AWCo x Squale Milbino brings together two names with a particularly interesting connection to vintage dive watches. Amsterdam Watch Company and Squale have created a limited-edition diver using original New Old Stock cases produced for Blancpain during the mid-20th century.

Rather than simply recreating the appearance of a vintage Fifty Fathoms, the Milbino incorporates an authentic piece of Blancpain case-making history while combining it with modern movement technology, materials and water resistance.

Only 60 examples will be produced, making this one of the more unusual recent collaborations for collectors interested in historic military diving watches.

An Authentic Vintage Case

The most distinctive element of the Milbino is hidden in plain sight: its 34.80 mm stainless steel case is an original New Old Stock Blancpain case.

The case dates back to the period when Squale, or its predecessor Von Büren SA, manufactured cases for other watch brands, including Blancpain. The connection is therefore more than visual. The collaboration uses a genuine vintage case as the foundation for a modern watch.

The inside of the caseback carries the “Rayville SA” signature. Rayville was a name associated with Blancpain and derived from Villeret, the Swiss town historically associated with the manufacture. The same designation is particularly familiar from military-oriented Blancpain watches and Tornek-Rayville divers.

At 34.8mm, the dimensions are considerably smaller than those of many contemporary dive watches, reflecting the proportions of the original era. The compact case is paired with a heavily domed crystal, reinforcing the mid-century aesthetic.

A Faithful Mil-Spec-Inspired Dial

The dial design draws heavily from the military diving watches of the 1950s and 1960s.

Large, highly legible hour markers surround the dial, while the hands follow the simple utilitarian shapes associated with vintage Blancpain divers. The markings and proportions have been designed to recreate the character of the original watches without simply fitting a modern dial into an old case.

The indices, hands and bezel markings are treated with fauxtina-coloured luminous material, giving the watch an aged appearance straight out of the box while maintaining the practical function expected from a modern diver.

The bezel itself uses a coin-edge profile, another important detail in reproducing the visual language of the period.

The Moisture Indicator Returns

Perhaps the most unusual feature is located at 6 o’clock.

The Milbino incorporates a functional moisture indicator, a feature strongly associated with vintage Mil-Spec Fifty Fathoms watches.

The indicator uses a moisture-sensitive material that changes colour if water reaches the inside of the case. Its purpose isn’t merely decorative: it provides a visual warning that the watch may have suffered water ingress and should be inspected before being relied upon for diving.

It is an uncommon feature on contemporary mechanical watches, and its inclusion gives the Milbino a particularly strong connection to the technical requirements of early military diving watches.

Modern Mechanical Heart

While the exterior draws heavily from the past, the movement is thoroughly contemporary.

Inside the case is the ETA Calibre 2671, an automatic Swiss movement operating at 28,800 vibrations per hour (4Hz) and providing approximately 38 hours of power reserve.

The 2671 belongs to ETA’s family of compact automatic movements and is particularly suited to a watch of the Milbino’s relatively small diameter. Its modern construction also provides a practical advantage over using an original vintage movement, particularly when it comes to everyday reliability and servicing.

The combination is an interesting one: an original historical case surrounding a modern mechanical calibre.

200 Metres of Water Resistance

Despite its vintage-inspired proportions and appearance, the Milbino is not simply a collector’s recreation.

The watch is rated to 200 metres of water resistance, giving it considerably more practical capability than its historical aesthetic might suggest.

This modern specification is particularly important given the presence of the moisture indicator. The indicator serves as an additional warning system rather than a substitute for proper case integrity and maintenance.

Availability and Price

The AWCo x Squale Milbino is supplied on a tan fabric strap, which complements the utilitarian character of the designis and limited to just 60 pieces. It will be available through Amsterdam Watch Company from September 1 at 6:00 AM EDT.

Priced at € 3,890, it occupies a very different position from Squale’s regular production models. However, its appeal lies largely in the unusual provenance of its case: this isn’t simply a modern watch inspired by a vintage Blancpain. It incorporates an authentic historical case originally produced during the period that helped establish the visual and technical language of the modern dive watch.