Rolex Will Discontinue The Pepsi GMT-Master II

Despite Google's AI Overview claiming "the Rolex GMT-Master II 'Pepsi' (ref. 126710BLRO) in steel has been discontinued," citing an Instagram post, the watch is live on Rolex's site at the time of publishing. It has not been discontinued outright. But as we covered in last week's article, the watch has disappeared from many authorized dealer (AD) websites.

Bucherer's list of all GMT-Master II models — not a Pepsi in sight.

Last week, we laid out the potential for discontinuation, but this week, we're calling it. The Pepsi is being discontinued at Watches & Wonders 2026. And we think the red-and-black 'Coke' is making a return.

The Evidence

Rolex GMT-Master II 'Pepsi' on a grey Everest Curved-End Rubber Strap

The 126710BLRO has quietly disappeared from a number of authorized dealer websites, including Rolex-owned Bucherer, Ben Bridge Jewelers, William Barthman, and more.

The steel Pepsi has been in production for eight years. In that time, it has essentially never been available at retail in any meaningful sense. There have always been manufacturing difficulties with the bi-color red-and-blue ceramic insert, which first appeared on the white gold Pepsi in 2014. As pointed out by WatchesbySJX, this inconsistency is even mentioned in Rolex's bi-color red ceramic patent: "The 2013 patent noted that due to the many variables in the pigmentation process, the results may not always be consistent." While the Pepsi bezel likely still has a higher failure rate than other bi-color inserts, the process has had over 12 years of refinement — though to what extent is anyone's guess.

Real listings on Chrono24 for a pre-owned GMT-Master II 126710BLRO

Secondary market prices have been creeping up since September 2025. As of today, March 3rd, listing prices have shot up toward the all-time highs of 2022 — I'm looking at an unworn example listed for $45,000, with many others over $30,000. Those are listing prices, and I'm not suggesting they're selling for near that. The watch still trades around $24,000–$30,000 depending on condition, and the premium over retail has been nearly double for years. The market has been pricing in this possibility for a long time, but it's spiking nonetheless.

What I Think Happens Next

Rolex's Patent for a red-and-black 'Coke' Bezel. Figure Sources: espacenet.com

The steel Pepsi is gone in April. I'm confident in that. As we covered in 2024, Rolex patented a process for "manufacturing a ceramic component that makes it possible to obtain a ceramic whose colour is controlled, notably making it possible to obtain a multicoloured, notably two-tone, notably red and black result." That's straight from the patent summary — red-and-black bi-color ceramic. So yes, I think Rolex will revive the red-and-black 'Coke' GMT-Master II, the bezel that ushered in the GMT-Master II model. But I don't think we're getting a steel Coke — at least not yet.

White Gold Rolex GMT-Master II ref. 126719BLRO. Image Source: G&G Timepieces

Rolex launched the modern ceramic Pepsi in white gold in 2014. The steel version didn't arrive until 2018 — four years later, after Rolex ostensibly had time to refine the manufacturing process and re-establish the Pepsi bezel's identity in the lineup. The ceriated zirconia process Rolex patented in 2022 — published in early 2024, outlining how they'd achieve a stable red-and-black ceramic bezel for the first time — is new technology. I think Rolex does exactly what they did with the Pepsi: launches the Coke in white gold first, works out the manufacturing kinks, and brings it to steel a few years down the line.

That keeps the steel GMT lineup clean. You still have the Batman/Batgirl, the Bruce Wayne — which I'm seeing a lot of out in the wild — and the steel LHD green-and-black 'Sprite' GMT. White gold gets the Coke bezel alongside last year's white gold ceramic-dial LHD 'Sprite.' And if the steel Pepsi is going, I think the white gold goes with it — that reference is four years older and has had an even longer run.

What This Means For the Pepsi

Rolex GMT-Master II 126710 on an Everest Leather Pouch

The 126710BLRO spent eight years being one of the most wanted and least available watches on the planet. Whenever it's discontinued, it joins a lineage of GMT-Masters that defined their era: the ref. 6542, the ref. 1675, the ref. 16710. The steel ceramic Pepsi will be remembered as one of — if not the — icon of the modern steel sports Rolex craze. The modern execution of the travel watch that started it all, right down to the bezel color. Do you think Rolex will discontinue the Pepsi and/or release a Coke GMT? Let us know in the comments.

Whatever happens at Watches & Wonders, we'll be there from day one on April 14th to cover it here on the Everest Journal.