The Rolex GMT-Master II "Pepsi" has quietly disappeared from authorized dealer inventories across multiple markets, and the evidence now runs deeper than empty display cases. Fratello Watches reported this week that Rolex has notified authorized dealers that no further deliveries of the steel GMT-Master II 126710BLRO will be coming. Customers still on waitlists are being redirected to other references.
The blue-and-red bezel combination, a reference to the original Pan Am GMT-Master of 1955, has been one of the most sought-after watches in the Rolex catalogue since the ceramic version launched in 2018. Its disappearance from dealer allocation lists, combined with its removal from AD websites in several countries, is the strongest signal short of official confirmation that the model is being discontinued.
The watch is still listed on Rolex's own website, but as Gear Patrol noted, that alone is not evidence of active production. Rolex has kept discontinued references on its site before.
The price reaction
Bloomberg reported in late March that pre-owned Pepsi prices had been climbing since late 2025. BobsWatches' market data shows values up more than $1,200 in the past month alone. The pattern is consistent with how the secondary market has historically responded to Rolex discontinuations: prices climb on rumour, spike on confirmation, then stabilise at a new floor.
The 126710BLRO in steel currently trades around $17,000 to $18,500 on major secondary platforms, up from the $15,000 to $16,000 range in early 2026. The white gold variant has also moved, though volume in that reference is thinner.
The patent
What makes the discontinuation story interesting beyond the usual collector anxiety is US patent 12,428,335 B2, filed by Rolex in 2022 and granted more recently. The patent describes a method for manufacturing a ceramic bezel insert with two distinct colour zones, specifically red and black.
The colour combination matters. Red and black was the original GMT-Master bezel configuration, nicknamed the "Coke" by collectors. It appeared on references like the 16710 but has never been produced in ceramic. Every Cerachrom GMT bezel Rolex has made so far has been in some combination of blue, black, brown, or grey. A red-and-black ceramic insert would be a technical first for the brand.
RubberB published a detailed guide to the rumoured Coke return, noting that most industry sources expect the replacement to launch in white gold first, with a steel version potentially following later. That sequencing would mirror how Rolex introduced the ceramic Pepsi in Everose gold in 2018 before bringing it to steel.
What it means for collectors
If you own a Pepsi, the short answer is that prices are likely to hold or continue climbing, at least until any replacement is announced. Discontinuation creates scarcity narratives, and the Pepsi already had one of the strongest demand profiles in the Rolex range.
If you're waiting for a Pepsi allocation, the realistic answer is that it's probably not coming. Redirecting waitlisted customers is the final stage of an orderly wind-down.
The replacement, if it arrives at Watches and Wonders next week, will carry its own set of questions. A Coke bezel in ceramic would be the first new GMT colourway Rolex has introduced since the "Sprite" (green and black) in 2022. Whether it goes to steel or stays in precious metal for the first generation will determine whether the waitlist dynamic resets or shifts.
Watches and Wonders announcements begin Monday, April 14.
Sources: Fratello Watches, BobsWatches, Gear Patrol, Bloomberg, Robb Report, RubberB, WatchPro.
