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The End of an Era: Will the Rolex GMT-Master II Pepsi be discontinued? – An Update
Certain watches are more than just timepieces. They become symbols of an entire era. The Rolex GMT-Master II with its red-blue bezel – better known as the “Pepsi” – undoubtedly belongs to this category.
Since its launch in 2018, the Rolex GMT-Master II Pepsi has been one of the most coveted sports watches in the world. Waiting lists at authorized dealers were long, the secondary market developed its own ecosystem, and for many collectors it was considered the ultimate GMT-Rolex.
While the rumor mill around the Pepsi has been churning for some time (we last reported on it in 2024), a piece of news has caused renewed interest: Production of the Rolex GMT-Master II Pepsi is now said to have actually ceased. For the watch world, this is an event that goes far beyond an ordinary model update. When one of a brand’s most iconic references disappears, a certain question immediately arises: What does this mean for collectors, the market, and the future of this legendary watch?
Message to Dealers
According to reports, the information first reached authorized dealers. Several authorized dealers state that Rolex has informed them that the GMT-Master II Pepsi will no longer be delivered and therefore be removed from the current program.
Customers who were still on waiting lists are said to have been asked to look for alternative models. In practice, this means that anyone who was previously hoping to receive the long-awaited call from their dealer at some point will probably no longer receive it for the steel Pepsi, should this news actually prove true.
This form of communication is typical of Rolex. The brand traditionally acts very discreetly and avoids spectacular public announcements when models are discontinued. Instead, retailers are informed, deliveries are stopped, and the market only takes notice of the change gradually.
The fact that this decision has generated so much attention is primarily due to the special role that the Rolex GMT-Master II Pepsi plays within the Rolex collection.
The Rolex GMT-Master II Pepsi and Its Significance for the Watchmaking World
To understand why the potential end of the Pepsi is making such a big splash, it’s worth taking a look at its history. The original Rolex GMT-Master was developed in 1954. Its background is a cooperation with the airline Pan Am. At the time, pilots needed a watch that allowed them to read two time zones simultaneously – especially on intercontinental flights. Rolex’s solution was as elegant as it was functional: an additional 24-hour display combined with a two-tone bezel.
The colors red and blue not only served a design purpose, but also provided orientation: Red stood for the daytime hours, blue for the nighttime hours. And so the “Pepsi” was born. Over the decades, this color combination has developed into one of the most iconic designs in the entire watch world. The model’s recognition value remains enormous today.
It is interesting to note that the Rolex GMT-Master Pepsi has almost continuously been in the program, but not always. Particularly in recent decades, there have been phases where collectors have had to wait several years for a new edition. Between 2008 and 2013, for example, there was no GMT-Master with a red-blue ceramic bezel.
It was not until 2014 that Rolex brought the color combination back, but initially only in white gold. The steel version followed later and quickly became one of the brand’s most sought-after models. Waiting lists of several years were not uncommon.
The fact that this model may be discontinued is therefore a historic moment for many collectors.
Current Performance of the Rolex GMT-Master II Ref. 126710BLRO
As soon as news of a possible discontinuation spreads, the secondary market usually reacts within a few days – and that’s exactly what happened with the Pepsi. Prices rose noticeably after early reports. While the average market price on Chrono24 for an unworn model was already around $23,000 before the announcement to dealers, it is now around $25,500.
By way of comparison, the list price of the Rolex GMT-Master II ref. 126710BLRO is currently $11,800 for the version with the popular Jubilee bracelet. The version with the classic Oyster bracelet is a few hundred cheaper. The market price of the coveted GMT watch is therefore roughly twice the official list price.
Models under $20,000 are rarely found on Chrono24 at the moment, with many offers even coming in closer to $30,000.
However, it remains to be seen whether prices will continue to rise in the long term. Unlike strictly limited models such as the Patek Philippe Nautilus, there are already many thousands of the GMT-Master II on the market. The watch was a core model in the Rolex collection for many years.
Nevertheless, the combination of a high profile, iconic design and suddenly limited availability almost always leads to rising market prices. Even without a proverbial crystal ball, I dare to predict that the popular Rolex GMT-Master II Pepsi is likely to become more expensive rather than cheaper in the future; at the latest, after Watches and Wonders 2026 and once the model has officially disappeared from the Rolex catalog.
Rolex GMT-Master II “Pepsi” – How Discontinuation Could Affect the Watch in the Long Term
The exciting question now is how this decision will affect the watch market in the long term. In the short term, the trend seems relatively clear: rising prices, increased attention, and a new wave of collector interest. Our Chrono24 data already shows a 500% increase in demand compared to the previous year. In turn, the number of offers fell by 25%.
The Pepsi was already one of the most sought-after Rolex models – and this status could now become even stronger.
However, several scenarios are conceivable in the long term. One of them is that Rolex will eventually bring back the red-blue bezel in a different form. Several times in the past, the brand has shown that iconic designs disappear at times and are later reissued or at least reinterpreted.
Another scenario would be that Pepsi actually disappears from the collection for many years. In this case, the current generation of the GMT-Master II Pepsi could become a particularly sought-after reference in the long term.
Discontinuation of the Rolex GMT-Master II “Pepsi” – Final Thoughts
The discontinuation of the Rolex GMT-Master II “Pepsi” is an event that will move the watch world. Since the 1950s, the red and blue bezel has represented the history of GMT watches, the combination of aviation and watchmaking, and been one of the most iconic designs in the industry.
The fact that Rolex is likely removing this model from their lineup is inevitably causing a stir in the market. Prices are rising, discussions are emerging, and collectors are already beginning to speculate about the long-term significance of this reference.
Only time will tell if the Rolex GMT-Master II “Pepsi” will return at some point or whether this generation actually marks the end of an era. One thing is certain, however: In the world of watches, true icons rarely disappear for good – and the Rolex GMT-Master II “Pepsi” has always been more than just a watch.
