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IWC

It's not PVD or any coating, the zirconium oxide in the alloy transforms into ceramic when heated to a certain temperature and it turns black in color.

 

Here's their description:




"Ceratanium® starts as a unique titanium alloy that contains zirconium oxide, which is then cut and milled into finished watch components – after they’re shaped, brushed, and polished, the nearly finished parts go into a special oven. This is where the transformation takes place. Once the outermost parts of the metal reach a certain temperature, the zirconium oxide hardens into ceramic, which is distributed throughout the metal itself. The color turns matte black and the finish is extremely resistant to scratches and wear. Note, this is different than a coating such as PVD – the entire material is Ceratanium® through and through. The result is a tough-as-nails, light-as-a-feather 39mm case for easy wear."


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