Is the Rolex Pepsi GMT Being Discontinued?

The Rolex GMT-Master II "Pepsi" — ref. 126710BLRO, red and blue ceramic bezel, one of the most recognizable watches on the planet — has quietly disappeared from many authorized dealer websites, even that of Rolex-owned Bucherer.

That's interesting, and maybe worth paying attention to, but "gone from certain AD websites" and "officially discontinued" are two very different things. After all, rumors around the Pepsi's discontinuation have been circulating for years. So let's talk about what we actually know, what we don't, and — the more interesting question — what might be coming next.

A Reference That's Had a Long Run

Rolex 'Pepsi' GMT-Master II on Everest Leather Pouch

It's worth mentioning that the red and blue bezel isn't just a colorway — it's the original GMT-Master design from 1954. When Pan Am pilots were strapping the first GMT-Master to their wrists in the 1950s, it was the Pepsi they were wearing. It's the bezel that started it all.

The modern ceramic-bezel version has been around for about twelve years, first introduced in white gold in 2014 before the steel ref. 126710BLRO arrived in 2018. That steel Pepsi is eight years old — which doesn't sound ancient, until you consider just how difficult it has been to actually get one the entire time.

Raw Ceramic Pepsi GMT-Master II Bezel. Image Source: SJX Watches

Part of that comes down to how the bezel is made. Unlike the Batman or Sprite, which use zirconia-based ceramic, the Pepsi requires an alumina-based ceramic — the only material Rolex could get to hold a stable, vivid red. It's a process with a higher failure rate, and the supply constraints have always shown. People with extensive AD purchase histories have waited months, years — or simply never gotten one.

Rolex 'Pepsi' GMT-Master II in 'coffins' (left) and presentation box (right)

The secondary market tells the same story. The 126710BLRO retails around $12,000, but pre-owned examples have been trading in the mid-$20,000s, and speculation around a potential discontinuation has pushed some listings well into the $30,000s — around its all-time high in 2022. That’s not what this watch is actually selling for. According to Chronopulse, the Pepsi is only up about 4.1% over the last six months, which is actually pretty measured. But the underlying premium — essentially double retail — has been a fixture of this watch for years.

Honestly? If Rolex discontinues the steel Pepsi this year, it won't feel too soon. The watch, in its modern ceramic incarnation, has had a meaningful run, it's ushered in a whole new lineup of bi-color ceramic GMTs, and the market has wanted more of it than Rolex could realistically supply.

The More Interesting Conversation: What Comes Next

Ceramic 'Coke' GMT-Master II Render

We've been writing about the ceramic Coke GMT since early 2024, when Rolex published a patent that was pretty explicit about what they were working on. Filed in 2022 and published in early 2024, the patent specifically outlines a process for producing a stable, two-tone ceramic component in red and black using ceriated zirconia — a color combination Rolex had never previously achieved in ceramic. The patent's "Summary of the Invention" describes it as a solution for manufacturing a ceramic component that makes this exact color pairing possible. In other words, Rolex explicitly patented the process of making a red-and-black Cerchrom bezel. We predicted it at Watches & Wonders 2024. We predicted it again for 2025. The underlying logic has only gotten stronger with each passing year, and now with the Pepsi disappearing from AD websites, it has us wondering.

Rolex GMT-Master II 16760 'Fat Lady.' Image Source: Bulang & Sons

The Coke GMT is no Pepsi, but it’s historically significant in its own way. The GMT-Master II debuted in 1983 on the ref. 16760 — the "Fat Lady" — with a black and red bezel. The Coke, in other words, is where the GMT-Master II began. It was last seen in aluminum on the ref. 16710 in the early 2000s, and the collector appetite for a ceramic version has been building for over a decade.

If Rolex cans the Pepsi to make way for the Coke, I'm here for it. It will be sad to see a beloved watch like the Pepsi be discontinued, but ultimately, it’s making room for another icon. It could also just mean the existing lineup (4 other bezel colors) gets a bit more breathing room.

Bottom Line

The Pepsi has not been officially discontinued. But the evidence that it's on its way out is more concrete right now than it has ever been. Watches & Wonders 2026 kicks off on April 14th, and we’ll be there to give you a final answer.