I found these photographs on the Internet. Don't know who took them but a great thank you to you for taking them. Basically these photographs shows the stages in the making of the Panerai PAM00372 dial. It is just awesome.
The lower plate. Looks like brass? Not too sure. But the hour markers are engraved or etched, forming a channel or groove on the plate.
I am guessing this is the plate after it has been cleaned and treated (?), ready for the next step. The 4 holes, I guess would be alignment holes with the upper plate.
The markers are filled with SuperLumiNova. Instead of just coating or painting the lower plate with the luminous material, the markers are filled. This would give the markers extra brightness due to the thickness of the luminous material.
The top plate or dial. The markers are punched out.
The engraving of the legends, 'LUMINOR PANERAI'.
The legends is filled with colour, ecru I believe.
The upper place is ready.
The finished dial. The upper plate and lower plate forms a sandwich. Awesome.
Photographs: shamelessly borrowed from the Internet.