Why Did Rolex Discontinue the GMT-Master II Pepsi 126710BLRO ?

On April 14, 2026, at the opening of Watches and Wonders Geneva, Rolex officially pulled the GMT-Master II "Pepsi" (ref. 126710BLRO) in Oystersteel (and its white gold counterpart (ref. 126719BLRO)) from its current catalogue. The primary reason is technical : the bicolour red-and-blue Cerachrom ceramic bezel presented an unacceptably high rejection rate in industrial production. The immediate market reaction was swift : secondary market prices surged over 8% within weeks of the first rumours, with unworn examples now trading above CHF 40,000 : nearly 4 times the last retail price of CHF 10,700.

From Vintage Bakelite to Ceramic : the Evolution of the Red and Blue Pepsi Bezel

Born in 1955, the GMT-Master was originally designed for Pan Am pilots to track a second time zone alongside their home time. Its red and blue two-tone bezel was more than a stylistic choice : red represented daytime hours, while blue indicated the night. Collectors quickly nicknamed it "Pepsi" in reference to the iconic soda brand's colours. Since then, this chromatically striking dial has become the ultimate emblem of the traveller's watch, crossing decades without losing any of its allure.

From Reference 16710 to the 126710BLRO : When Rolex Introduced the Cerachrom Bezel in Oystersteel

Launched in 2018, the reference 126710BLRO marked the triumphant return of the Pepsi bezel in steel (Oystersteel), after years of exclusivity on white gold. It introduced the Cerachrom ceramic bezel : a complex technical achievement, as achieving a seamless transition from red to blue on a single piece of ceramic is extraordinarily difficult to stabilise at an industrial scale. It is precisely this manufacturing challenge that has fuelled persistent rumours of a production halt, making this reference more desirable and elusive than ever.

The Red and Blue Rotating Ceramic Bezel : An Insurmountable Technical Challenge

Producing the Pepsi bezel is a genuine industrial feat. Unlike other colourways, red is an inherently unstable colour in ceramic, prone to shifting towards brown or pink during the firing process. To achieve the two-tone effect, Rolex must apply chemical salts to transform one half of the blue ring : a delicate step that results in a high defect rate. Since 2023, persistent reports suggested that the vast majority of produced bezels were being rejected at quality control, making mass production economically unviable.

A Discontinuation Confirmed by Authorised Dealers

What was once collector speculation became concrete reality in March 2026. According to information reported by WatchPro, several authorised dealers confirmed receiving official directives from the Crown. This reference is progressively disappearing from order catalogues, as Rolex opts to concentrate its production capacity on models with more reliably manufactured components : marking the end of an era for bicolour steel.

+8% in a Matter of Weeks : The Figures That Speak for Themselves

From the moment production difficulties were announced, the market reacted with rare force. According to data compiled by EveryWatch, the median price of this reference surged from €26,600 to €28,800 in just a few weeks : a swift 8% increase. This figure underscores the staggering gap with the official retail price of €11,300. For a lucky buyer who secured one at retail, the watch now represents an immediate premium of over 150% above its original purchase price.

The Anticipation and Scarcity Effect on Resale Platforms

On platforms such as Chrono24 and eBay, supply has dried up almost instantly. Sellers, anticipating a total shortage, are pulling their listings or raising prices to test the market's resilience. This climate of extreme tension is fuelling speculative behaviour : collectors are no longer simply seeking an icon, but a safe-haven asset. Every available example has become a rare gem whose value seems destined to climb as long as the red and blue ceramic bezel remains an insurmountable technical challenge for Rolex.

Rolex and the Art of Controlled Scarcity

Rolex does not merely endure scarcity : it orchestrates it. With a record turnover of €10.5 billion in 2024 and a commanding 32% share of the global luxury watch market, the Crown maintains a constant tension between supply and demand. By regularly adjusting its catalogue and limiting production volumes of technically complex pieces such as the Pepsi, Rolex ensures that every watch remains an object of absolute desire, far beyond its utilitarian purpose.

Rolex Watches as Safe-Haven Assets : Myth or Reality ?

Watchmaking history supports the optimists. The discontinuation of iconic references has consistently triggered sharp price increases : the Submariner "Kermit" (green bezel) and the legendary "Paul Newman" Daytona are prime examples. The Pepsi follows in this lineage of historic discontinuations. Its scarcity is not merely marketing-driven but structural, cementing its status as a safe-haven asset against inflation and market volatility.

Should You Buy a Rolex GMT-Master Pepsi Now ?

The dilemma is real : buy at the top of the market, or risk watching prices climb even further. For collectors, the opportunity lies in the quality of the individual piece. In this speculative climate, only examples in pristine condition, accompanied by their complete set (original box and papers), retain their full appreciation potential. Buying now is a bet on permanent scarcity : a rational investment for some, but above all a passion-driven choice for those who wish to own a piece of horological history before it disappears from display cases entirely.

The GMT-Master II Variants and Alternatives Worth Knowing

Should the Pepsi become unattainable, the GMT-Master II range offers solid alternatives. The "Batman" (or "Batgirl" on a Jubilee bracelet), with its blue and black bezel, remains a highly sought-after and dependable value. The "Sprite" (green and black bezel), distinguished by its left-handed crown for southpaws, has established itself as an atypical collector's piece. Finally, persistent rumours surround the potential return of the "Coke" (red and black) : should Rolex succeed in stabilising a new ceramic colourway, it could well become the worthy heir to the Pepsi in boutiques.

How to Authenticate and Value Your Rolex GMT-Master II Pepsi

On a secondary market in full frenzy, caution is paramount. To protect your investment, always insist on the "Full Set" : original box, manual, and above all the new-generation warranty card (with NFC chip). Examine the sharpness of the transition between red and blue on the bezel : a detail that is frequently imprecise on counterfeits. Finally, favour sellers with an established reputation such as The Swiss Collector, and have the serial number engraved on the rehaut verified to ensure the piece's full consistency.

The Rolex GMT-Master II Pepsi confirms its status as a horological myth through a masterful final act. Between the insurmountable technical challenges of the bicolour bezel and a structurally driven scarcity, the reference 126710BLRO now stands as a museum piece for some, and a strategic asset for others.

With an 8% price surge in just a few weeks and unrelenting demand, the "Pepsi" leaves a void that only future chromatic innovations from the Crown will be able to fill.

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