Some watches become popular. Others come to represent the identity of a brand. The Rolex GMT Master II Pepsi has long belonged to the second category.
In recent weeks, rumors circulating within the watch industry have reopened the conversation about the future of this iconic model. According to several industry sources, Rolex may have informed authorized dealers that no further deliveries of the stainless steel GMT Master II Pepsi reference 126710BLRO will be made. There has been no official confirmation. Rolex typically announces changes to its catalog during major industry events such as Watches and Wonders.
Yet when Rolex is involved, even rumors can have a measurable impact on the market. Collectors, investors and secondary market dealers tend to watch these signals very closely.
Why the Rolex Pepsi Matters
The red and blue bezel combination of the GMT Master first appeared in 1954. Developed in collaboration with Pan American World Airways, the original GMT Master allowed pilots to track two time zones simultaneously. The color separation on the bezel was not merely aesthetic. Red represented daylight hours while blue indicated nighttime.
Over time this color scheme became one of the most recognizable visual codes in the entire GMT Master family. The modern ceramic Pepsi bezel first appeared in 2014 on a white gold GMT Master II. The stainless steel version returned in 2018 at Baselworld and quickly became one of the most sought after models in Rolex’s contemporary catalog.
The Modern Aesthetic of the Cerachrom Bezel
One of the defining elements of the modern GMT Master II Pepsi is Rolex’s Cerachrom ceramic bezel. Under natural light the red tone appears slightly pastel while the blue retains a deep navy character. Compared with vintage Bakelite or aluminum bezel inserts, the ceramic version creates a distinctly modern sense of luxury.
On vintage Pepsi watches, bezel colors often faded with time. Ceramic, however, remains far more stable. While some collectors appreciate the nostalgic patina of earlier materials, the Cerachrom bezel represents a more refined interpretation of the modern Rolex aesthetic.
Could Production Complexity Be a Factor
One of the most frequently discussed technical challenges surrounding the Pepsi model involves the production of the two color ceramic bezel. Rolex’s Cerachrom insert is manufactured as a single piece of ceramic yet contains two distinct colors.
This type of production requires extremely precise sintering control. Variations in temperature, pigment and firing conditions can affect the final color result. For that reason, producing a two tone ceramic bezel is significantly more complicated than producing a single color insert.
Some industry commentators suggest that high rejection rates during production could limit overall output. If this is true, manufacturing capacity may naturally remain constrained.
The Psychology of Discontinuation
In the watch world, rumors of discontinuation often create their own market dynamics. A model does not actually have to disappear from the catalog. Sometimes the rumor alone is enough.
Collectors often repeat a simple phrase. In the Rolex market even a rumor can break the price chart upward. Perception shifts quickly. If future production might stop, existing watches instantly become part of a fixed supply pool. Demand then concentrates in the secondary market.
The recent price movement surrounding the Pepsi reference appears to reflect exactly this psychological dynamic.
The Hulk Example and Price Dynamics
When Rolex discontinues a model, collectors often look to one recent example for comparison: the Submariner Hulk reference 116610LV. When Rolex removed it from the catalog in 2020, prices on the secondary market began rising almost immediately.
The Hulk was already a popular model, but once production ended the supply of new watches effectively stopped. That shift also changed collector perception. Many buyers who had previously delayed purchasing began moving quickly. The watch was no longer simply a green Submariner but a defined chapter within the modern Rolex timeline.
A similar dynamic could emerge if the steel Pepsi reference were truly discontinued. Both watches belong to the same category of stainless steel sports Rolex models and both traded above retail even before discontinuation rumors began.
Early Signals from the Secondary Market
Secondary markets tend to react quickly when discontinuation rumors appear. The Rolex Pepsi shows signs of the same pattern. Pre owned prices have been gradually climbing in recent months.
The effect does not remain limited to the Pepsi reference. Other GMT Master II models have also seen upward movement. In particular the black and blue bezel “Batman” and the Jubilee bracelet version often called “Batgirl” have experienced renewed interest.
This behavior is typical within collector markets. When one reference becomes difficult to obtain, buyers often shift their attention toward alternatives within the same family. Demand redistributes across the collection.
What Could Replace the Pepsi
If Rolex ultimately removes the steel Pepsi reference from its catalog, collectors will inevitably ask the next question. What comes after it?
One frequently discussed possibility is the return of the red and black “Coke” bezel. This configuration appeared in early GMT Master models but has never been produced in a ceramic version.
Another possibility is a completely new color combination. Rolex has shown in recent years that it is willing to experiment within the GMT line. The left handed “Sprite” GMT Master II proved that the brand can still surprise collectors.
Historically, changes to the Rolex catalog rarely represent the end of a story. More often they signal the beginning of a new design direction.
VOGGIA Perspective
Rolex catalog changes are rarely just technical updates. They often act as signals that reshape collector psychology. The current Pepsi rumors offer an interesting example.
The GMT Master II Pepsi represents one of the clearest expressions of Rolex’s modern sports watch identity. It may not carry the universal recognition of the Daytona or Submariner, yet within the collector community it occupies a distinctive position. Much of that status comes from continuity. Very few watches have maintained the same color code for nearly seventy years.
If Rolex truly ends production of the steel Pepsi, the change would mark more than the disappearance of a single reference. It could also close an important chapter in the modern era of the GMT Master line.
At the same time Rolex rarely leaves a vacuum in its catalog. When one model disappears another narrative usually takes its place. As Watches and Wonders approaches, collectors are watching these rumors closely for exactly that reason.
Whatever the outcome, the Pepsi has already secured its place within modern watch culture. And sometimes the value of a watch is shaped not only by how many were produced, but by the story that surrounds it.
