In a long-rumored move, Rolex has officially discontinued the legendary “Pepsi” GMT-Master II models ref. 126710BLR in steel and ref. 126719BLRO in white gold, both with their iconic blue-and-red Cerachrom bezels. A travel-focused watch previously made in four models—a black dial in a steel case with Oyster or Jubilee bracelets, and a blue lacquer or meteorite dial in a white gold case, both on white gold Oyster bracelets—the modern “Pepsi” has reached what is a (hopefully) temporary end of the line for one of Rolex’s most coveted models after its most recent 12 year run.
Photo by Hodinkee.
Photo courtesy Rolex.
Photo courtesy Rolex.
If you’re getting déjà vu, it’s because the gossip about the demise of the “Pepsi” GMT-Master II has been circulating for at least three years, which led many (including the author) to be incredulous when it began making the rounds again at the beginning of the year. Renewed speculation set the secondary market on fire, so much so that even financial outlet Bloomberg covered the trend. At the time of discontinuation, the “Pepsi” had become as hard to get as the Rolex “Panda” Daytona, according to numerous retailers interviewed for this story.
The ref. 6542 GMT-Master from our “Reference Points” on the model.
There’s no doubt of the impact of “Pepsi”—arguably one of the most iconic watches in history. Its story dates back to the 1954 release of the ref. 6542, with a Bakelite red-and-blue 24-hour bezel designed to show day and night hours, which was designed for Pan Am pilots to track multiple time zones. That colorway quickly became one of the brand’s most coveted watches (and most frequently copied), especially given its limited supply and the fact that, from about 2007 to 2014, there were no “Pepsi” variants in the brand’s catalog, which drove heightened interest once the watch became available.
At discontinuation, the watch retailed for $11,800 in steel on an Oyster bracelet, $12,000 in steel on a Jubilee bracelet, $50,700 in white gold with a blue dial, and $53,100 in white gold with a meteorite dial. While the white gold models trade around retail on the secondary market, the stainless steel models are commanding at least twice retail.
The 2007 launch of the first ceramic-bezeled GMT-Master II in stainless steel featured only a full-black Cerachrom bezel, with no contrasting colors, making it the easiest to produce. In 2013, Rolex launched the first stainless steel version of the model—the “Batman” Ref. 116710BLNR—followed by the “Pepsi” in 2014, which was only available in white gold.
It took until 2018 for the launch of the 126710BLRO “Pepsi” GMT-Master II in stainless steel, available only on a jubilee bracelet, which visually differentiated it from the white-gold model on the traditional Oyster bracelet. The white gold version received a blue-dial treatment that same year, further distinguishing the two models. It wasn’t until 2021 that the stainless steel “Pepsi” became available on an Oyster bracelet.
Photo courtesy Rolex.
Photo courtesy Rolex.
However, achieving two colors on a single solid ceramic piece, without paint, has posed several challenges. The black-and-blue combination is easier to produce, according to sources, as the black hue overpowers the blue underneath (as it does in the black-and-green “Sprite” or black-and-gray variants). Shining a UV light on the bezel of a ref. 126710BLRO, for instance, will show the entire Cerachrom insert as red. Now, in stainless steel, only three bezel variants remain: black and blue (“Batman” or “Batgirl”, depending on the bracelet), black and grey, and the left-handed crown version with a green-and-black bezel (“Sprite”).
The meteorite dial is possibly a callback to the rare ref. 6542 “Albino” GMT-Master, seen at right. A source within Rolex called it a tacit acknowledgment of the legitimacy of these rare watches.
Throughout the Pepsi’s run, there have been several different hues of blue and red, ranging from a more pastel tone (found in what collectors call the Mk. 1) across the bezel to a deeper navy and more burgundy color (in the current Mk. 3 version).
A photo of an early Mk. 1 bezel.
The discussion around the status of the “Pepsi” gained new life earlier this year and was furthered, in part, by an Instagram post on WristEnthusiast noting that several retailers, reportedly including Bucherer (acquired by Rolex in 2023), had removed the “Pepsi” from their websites.
However, as of February 28, 2026—four days after that reel was posted—all versions of the “Pepsi” were actually visible on Bucherer’s US website, as well as the websites of Fourtane and Watches of Switzerland (Hodinkee’s parent company); a spot check of some other retailers, such as Korman in Austin, Texas, and Razny in Chicago, Illinois, however did not. It turns out the model was, in fact, already on its way to its end.
Also leaving the collection is the white gold “Cookie Monster” Submariner Date ref. 126619LB, with blue ceramic bezel and black dial (the follow-up to the “Smurf”). That watch retailed for $52,100 but traded as low as around $35,000 on the secondary market. Rolex confirmed the discontinuation of all these models after they disappeared from the brand’s website during its product refresh for Watches and Wonders 2026.
