Is the Rolex Pepsi Really Gone? What We Know So Far

The red-and-blue bezel of the Rolex GMT-Master II, known to collectors as the "Pepsi," may be heading for retirement. Rumors have circulated for weeks, and the evidence is starting to look difficult to dismiss.

The Signs

Multiple authorized Rolex dealers have quietly removed listings for both the steel 126710BLRO and the white gold 126719BLRO from their websites. Other GMT-Master II variants, including the "Batman," "Sprite," and "Bruce Wayne" colorways, remain visible. WatchPro reported that authorized dealers were informed they would receive no further deliveries of the red-and-blue bezel configuration.

Rolex itself has said nothing. The company rarely comments on production decisions ahead of schedule, and a formal announcement has not been made. But the pattern of dealer behavior, combined with the timing, has been enough to set the collecting world on alert.

The Market Response

The secondary market has reacted swiftly. According to Chrono24, purchase requests for the Pepsi GMT surged more than 500% over the 2025 average in the first week of March alone. Bloomberg reported that prices on the secondary market have climbed sharply as collectors move to secure what may become a discontinued reference.

This kind of demand spike is familiar territory. When Rolex retired previous references, secondary market prices often jumped significantly in the months that followed. The Pepsi carries particular weight because it is one of the most recognizable watches ever made, with a lineage stretching back to the original GMT-Master from 1955.

Why Now?

The timing is notable. Watches and Wonders Geneva opens on April 14, and Rolex typically uses the fair to reveal new references and quietly retire others. If the Pepsi is indeed being discontinued, the announcement would likely come then, possibly alongside a replacement or evolution of the GMT-Master II line.

Some collectors speculate that Rolex may introduce a redesigned version with an updated movement or case, following the pattern set by the Land-Dweller introduction last year. Others believe the brand may simply let the Pepsi rest, as it has done with iconic references before.

What It Means for Collectors

For anyone who has been waiting for a call from their authorized dealer about a Pepsi, the window may have closed. Current owners are sitting on watches that could appreciate further if the discontinuation is confirmed.

But it is worth keeping perspective. Rolex has surprised the market before, and until something official is announced at Watches and Wonders, the Pepsi's fate remains technically unconfirmed. The smart approach is to watch the Geneva announcements closely and avoid making decisions based solely on speculation.

Two weeks will tell us a lot.