IWC Portugieser Chronograph Ceratanium: Is the Black Portugieser Worth $14,600?

Released in February 2026, reference IW371631 takes IWC's familiar Portugieser Chronograph and finishes it entirely in black. The case measures 41 mm across and 13.1 mm high, with a convex sapphire crystal that's anti-reflective on both sides. The crown and chronograph pushers are Ceratanium too, so there's no steel flash anywhere on the watch.

The dial is black as well, with black appliqué numerals and black hands, and it sits on a black rubber strap with a Ceratanium pin buckle. Only 1,500 pieces will be made, and the US price is $14,600 before taxes. Water resistance is 30 meters, which is normal for a Portugieser but means this is a dress-sport watch, not a tool for swimming.

Ceratanium is IWC's own material, built on a titanium alloy that's fired in a kiln. The result is a matte black surface with the scratch resistance of a ceramic and the low weight of titanium. Worn & Wound reports it took IWC about five years to develop and calls it patented.

Descriptions of the surface differ. Watches by SJX calls it titanium with a ceramic-like oxide layer formed by heating, while Worn & Wound describes it as non-coated. Either way, none of the coverage we read gives hardness figures or scratch test results, so treat the scratch-resistance claim as the brand's rather than something measured independently.

IWC has used Ceratanium for several years, mostly in its Pilot's Watch line, and SJX counts roughly six models in the material. On the Portugieser, reviewers say the lightness and smaller visual presence make it feel more universal than the Pilot references.

The movement is IWC's manufacture calibre 69355, an automatic column-wheel chronograph running at 28,800 vph (4 Hz) with a 46 hour power reserve. It shows chronograph minutes and seconds plus a small seconds with hacking. Watches by SJX describes it as IWC's entry-level in-house chronograph, designed to replace the Valjoux 7750, with directly driven seconds, a lightweight escapement and IWC's Magic Lever winding.

The same reviewer notes it still uses an oscillating pinion to drive the chronograph, as the 7750 does. That's effective but basic, and at this price he found the regulator and stamped levers a little out of place. It's also identical to the movement in the standard steel model, which matters when you weigh the price gap.

Through the sapphire caseback the movement looks dark grey, because the glass is tinted. It's a nice touch that keeps the all-black theme going, though it does hide some of the finishing.

On SJX's numbers the steel Portugieser Chronograph costs about US$9,000, so the Ceratanium version carries a premium of roughly 60%. Case size, movement and power reserve are the same. What you pay extra for is the material, the blackout finish and the limited run.

That's a real premium for a cosmetic and material change, and SJX calls the price ambitious. The secondary market for this reference is too new to judge, so check recent sold listings rather than assuming it will trade above retail.

Yes, in some conditions. The dial mixes finishes: glossy appliqué numerals and hands, a matte satin dial surface and granular lacquer printing. They read as different shades of black and grey, which looks great in photos. Worn & Wound says there's no lume and minimal contrast, and calls the watch possibly the least legible Portugieser yet, though also the most athletic and contemporary.

SJX agrees the dial is legible in the right light but often difficult to read. If you check the time quickly and in dim rooms, try one on before you commit. A steel model with a lighter dial is the practical choice if legibility matters most.

None of the reviews we read discuss servicing or refinishing Ceratanium cases, so there's no published guidance on repairing a deep scratch or restoring the finish. A conventional polish wouldn't make sense on a matte black fired surface, and a damaged case may need factory attention. Ask IWC or your watchmaker what's possible before you buy, especially if you plan to wear it daily.

The movement is a modern in-house chronograph, so it should be serviced on IWC's recommended interval like any other. With 30 meters of water resistance, keep it away from swimming and showering, and have the gaskets tested after any service that opens the case.

This is a Portugieser for someone who likes the proportions of the classic chronograph but wants something modern and sporty. The 41 mm by 13.1 mm case wears comfortably, titanium keeps the weight down, and the rubber strap makes it casual.

If you want the best movement or the most legible dial for the money, buy the steel version and spend the difference on a service plan or a second watch. If you want the blackout look and a numbered limited edition, this is the most distinctive Portugieser IWC has made.