The quality of Minerva products improved to a haute horlogerie level in 2003 when Emilio Gnutti took over the company. An example would be the latest Montblanc Small Seconds 38 with the the Minerva 62.00 movement of which 38 old movements from the time of Emilio Gnutti were discovered. This was not a creation of the post Montblanc era. I know this because I am one the 38 lucky owners of this watch. Montblanc did not further improve the quality of the Minerva movements when it took over. They did however employ master watchmaker Demetrio Cabbidu to continue the Minerva tradition of making exceptional watches especially chronographs which Minerva had been famous for for decades. In the words of Mr Cabbidu, Emilio Gnutti was a passionate watch collector and although his dream of making top quality watches was realised, he did not foresee the financial impact of this undertaking.