The Rolex Pepsi Is Gone — What the GMT-Master II Discontinuation Means for Collectors
On April 14th, 2026, without a press release, without a farewell post, and without naming a successor, Rolex removed one of the most coveted watches it has ever produced from its active catalog. The GMT-Master II "Pepsi" — reference 126710BLRO in stainless steel and 126719BLRO in white gold — simply disappeared from rolex.com on the opening day of Watches and Wonders Geneva. The product page returned a dead end. The configurator showed three steel GMT options. None of them had a red bezel.
For the first time since the ceramic era began, Rolex's steel GMT-Master II lineup contains no red. The Pepsi is gone.
At CHRONONATION, we have been watching this story develop since late 2025 — and what it means for collectors and buyers right now is more significant than most people realize.
What Actually Happened
The signals had been building for months. By late 2025, the ref. 126710BLRO had been quietly disappearing from authorized dealer websites across the United States and Europe. By February 2026, dealers had been told privately that no further deliveries were coming. The watch industry had been bracing for this — but the manner of the discontinuation still caught people off guard.
Watches and Wonders 2026 in Geneva opened on April 14th with significant Rolex announcements: a Yacht-Master II return, a centenary Oyster Perpetual celebrating 100 years of the brand's waterproof Oyster case, a new Datejust, and a reimagined Daytona featuring a new alloy. The GMT line was untouched. No Coke arrived to replace the Pepsi. No explanation was offered. Rolex simply moved on — and the market moved with it.
Also confirmed at the same time: the white gold "Cookie Monster" Submariner Date, reference 126619LB, was retired alongside the Pepsi. The scope of the catalog change was broader than most anticipated.
The Pepsi's Place in Watch History
To understand why this discontinuation matters, you have to understand what the Pepsi GMT-Master II actually represents — not just as a product, but as a cultural artifact.
The red and blue bezel colorway dates to the original GMT-Master ref. 6542 in 1955, developed in collaboration with Pan American World Airways for their long-haul pilots. For over 70 years, in various iterations and materials, some version of the red and blue GMT existed in Rolex's catalog. The ceramic Pepsi — introduced at Baselworld 2018 with a surprise Jubilee bracelet, the first on a GMT in over a decade — was an instant cultural moment. Eight years of production. The most wanted steel sports watch of its era.
Now, for the first time in the Cerachrom era, the steel Rolex catalog contains no red bezel at all. The 126710BLRO is the only modern stainless steel GMT-Master II that ever carried a red and blue ceramic bezel. That slot no longer exists in current production. It is a closed market.
What the Secondary Market Is Doing
The market reacted immediately — and decisively.
Secondary market prices on the steel Pepsi had already begun climbing in response to the disappearance from authorized dealer sites in late 2025, well before the official confirmation from Geneva. When it became clear at Watches and Wonders that no replacement was coming, that movement accelerated sharply. Pre-owned examples of the 126710BLRO surged past $30,000, with unworn examples pushing above $40,000 — levels that would have seemed extraordinary even during the peak speculation years of 2021 and 2022.
"Secondary market prices on the steel Pepsi have surged past $30,000, with unworn examples pushing above $40,000."
— Robertino Altieri, CEO & Founder, WatchGuys — as quoted in Robb Report, April 2026
The comparison most observers reach for is the Hulk — the green-dialed Submariner that left the catalog in 2020. When that watch was discontinued, collectors on long waitlists found themselves with no retail path forward. Pre-owned prices climbed steadily and have remained elevated ever since. The Pepsi, with its longer history, broader cultural recognition, and the added drama of no announced replacement, has the profile to follow a similar trajectory — potentially a more pronounced one.
The discontinuation did not create a new story. It closed an existing one. And in the secondary market, closed stories tend to become more valuable over time, not less.
The Coke Question — What Comes Next?
The watch community is asking one question with particular intensity: is a "Coke" GMT-Master II coming?
The red and black bezel colorway — carried by the original "Coke" GMT-Master II until its discontinuation in 2007 — has been absent from the catalog for nearly two decades. In 2022, Rolex filed a patent for a red and black ceramic bezel, a detail that fueled significant speculation about a possible return. The fact that Watches and Wonders 2026 arrived without a Coke announcement has not quieted that speculation — if anything, it has amplified it.
Rolex has not confirmed anything. What is certain is that the steel catalog currently offers three GMT-Master II options: the Batman (blue and black), the Bruce Wayne (gray and black), and the Sprite (green and black). The red bezel is gone. Whether it returns, in any form, remains an open question — and one that will continue driving secondary market attention on all GMT references in the interim.
What This Means for Buyers Right Now
For buyers who have been considering a GMT-Master II, the Pepsi's discontinuation changes the calculus in a meaningful way.
Those who already own a 126710BLRO hold a reference that is now permanently out of production, with no retail path available to new buyers. That is a structural shift in value that does not reverse. The secondary market is the only market that exists for this watch — and demand shows no sign of softening.
For buyers who were considering a Pepsi and did not move in time, the focus now shifts to the remaining steel GMT references. The Batman, in particular, continues to represent one of the strongest value propositions in the Rolex sports catalog — a highly desirable reference, available in the secondary market, backed by the same production controls and brand prestige that define any Rolex worth owning.
The full range of authenticated GMT-Master II references currently available can be explored through CHRONONATION's GMT-Master II collection — each piece individually verified, priced at transparent secondary market levels, and available for immediate purchase or private viewing at our Midtown Manhattan showroom.
A Note on Rolex's 100th Anniversary — and What It Signals
The Pepsi's discontinuation did not happen in isolation. It happened during Rolex's celebration of the 100th anniversary of its waterproof Oyster case — a moment the brand used deliberately to reshape its current lineup. The new Superlative Chronometer certification was strengthened with three additional criteria. A reimagined Daytona was introduced. Several precious metal references were trimmed alongside the GMT variants.
The message, read carefully, is one of intentional curation. Rolex is not reducing its lineup out of necessity — it is editing it with purpose. Fewer references, greater focus, tighter control. For collectors who understand how Rolex manages its catalog, this is a familiar pattern: the watches that leave tend to become more significant in absence than they were in production.
The Pepsi may be the most vivid recent example of that principle in action.
"In twenty years of working with Rolex references, I have watched several icons leave the catalog. The ones that leave quietly — without ceremony, without a successor — are always the ones that become most significant in hindsight. The Pepsi leaving this way is not a coincidence. It is a statement."
— Eric, Owner, CHRONONATION
The CHRONONATION Perspective
The discontinuation of the Pepsi GMT-Master II is not a crisis for the watch market. It is a clarifying moment. It confirms what serious collectors have long understood: that Rolex's power lies not just in what it produces, but in what it chooses to remove.
For buyers navigating this environment — whether you are considering a GMT-Master II for the first time, looking to acquire a 126710BLRO while examples remain available, or simply trying to understand what the current landscape means for your collection — our specialists are here to help. We work with GMT references daily and can provide clear, current guidance without pressure or speculation.
Schedule a private consultation through our Appointments page — in person at our Midtown Manhattan showroom or remotely, at your convenience. Every GMT-Master II in our inventory is individually authenticated and backed by the CHRONONATION Elevated Service Program: next-day insured delivery, an extended 3-year CHRONONATION warranty, and a complimentary appraisal for insurance purposes.
The Pepsi is gone. The story it leaves behind is just beginning.