What's Actually Happening

The Rolex GMT-Master II in Oystersteel with the iconic red and blue "Pepsi" Cerachrom bezel — reference 126710BLRO — appears to have been discontinued. Multiple authorized dealers have confirmed that Rolex has communicated there will be no further deliveries of the reference, with customers on waiting lists being told to consider alternative models. The watch has quietly disappeared from the websites of major authorized dealers including Bucherer, Ben Bridge, and others across North America.

Rolex itself has not issued a formal statement, and as of this writing the reference still appears in the brand's online configurator. But the signals from the dealer network are unambiguous — and this time, the rumour appears to be real.

A Brief History of the Steel Pepsi

The GMT-Master's red and blue "Pepsi" bezel is one of the most recognizable designs in watchmaking. It dates back to 1954, when Rolex developed the original GMT-Master in partnership with Pan Am airlines to give pilots a reliable way to track two time zones simultaneously. The red half of the bezel represented daytime hours, the blue half nighttime — a practical and visually striking solution that became instantly iconic.

For decades the Pepsi colourway existed only in aluminium and then in 18k white gold, making a steel version inaccessible to most buyers. That changed at Baselworld 2018, when Rolex reintroduced the steel Pepsi for the first time in a modern ceramic Cerachrom bezel. The ref. 126710BLRO — also the first GMT-Master II to feature a Jubilee bracelet — immediately became one of the most sought-after watches on the planet.

Why Now? The Case for Discontinuation

Rolex discontinuing one of its best-selling references may seem counterintuitive, but there's a logic to it. The 126710BLRO has been in production for eight years — a respectable run for a modern reference — and industry analysts have long speculated that a successor was in development. Rolex patented a new ceriated zirconia ceramic manufacturing process in 2022 (published in 2024), which may enable a more stable red-and-black "Coke" bezel in steel for the first time. If that's the next chapter, clearing the lineup first would be a classically Rolex move.

It's also worth noting that the white gold Pepsi (ref. 126719BLRO) has similarly vanished from authorized dealer websites, suggesting this isn't a minor catalogue refresh — it looks like a full reset of the red and blue GMT line.

What's Happening to Prices

The secondary market has reacted sharply. Purchase requests for the 126710BLRO on Chrono24 surged by more than 500% in the first week of March 2026 alone compared to the 2025 average. Median asking prices have climbed from approximately $31,000 CAD to over $35,600 CAD in the past six months — a move of more than 15% that appears to be accelerating.

Dealer values in the US rose by more than $1,200 in the month following the news breaking. Unworn examples with full sets are now being listed — and in some cases transacting — north of $30,000 USD. The pre-Watches and Wonders window historically amplifies Rolex price movements, and with the event happening imminently, upward pressure is unlikely to subside in the short term.

The long-term picture depends heavily on what Rolex announces. If a well-received successor is unveiled, the 126710BLRO will likely settle at a premium as the final generation of a legendary reference. If no replacement materializes at all, the scarcity premium could be considerably stronger.

What Comes Next: Coke GMT Speculation

The leading theory — and it's well-supported — is that Rolex will replace the Pepsi with a steel "Coke" GMT-Master II featuring a red and black Cerachrom bezel. Rolex has offered the Coke colourway in the past (most famously on the ref. 16710), but has never produced it in ceramic. The 2022 patent appears to solve that manufacturing challenge.

If history holds, Rolex would likely launch the Coke in precious metal first — possibly 18k white gold — to validate manufacturing, then bring it to steel in a subsequent release. That would mean the steel GMT lineup would consist of the Batman (ref. 126710BLNR, black and blue), the Bruce Wayne (black dial on steel/gold), the Sprite (left-hand crown, green and black), and eventually a ceramic steel Coke. A clean, differentiated lineup without two red and blue options.

Should You Buy or Sell a Pepsi Right Now?

If you own one: the argument for holding is strong. Whether Rolex announces a Coke replacement or not, the 126710BLRO is now a closed chapter — the last modern steel Pepsi GMT ever made in this configuration. Discontinued references from Rolex with strong collector profiles (think Submariner ref. 14060, or Patek's steel Nautilus 5711) tend to appreciate meaningfully once the dust settles on the initial news cycle.

If you're looking to buy: you're entering a market with real momentum behind it and a defined catalyst on the horizon in Watches and Wonders. Paying a premium now is the reality — but the underlying asset has genuine collector credentials, not just hype. As always with grey market acquisitions, condition and documentation matter enormously for long-term value.

At Distinctive Time, we work with buyers and sellers across Canada on exactly these kinds of market moments. If you have a Pepsi to sell or are looking to acquire one at a fair grey market price, reach out to us directly.

The Bottom Line

The Rolex GMT-Master II ref. 126710BLRO "Pepsi" is, in all likelihood, done. After eight years as arguably the single most iconic watch in the modern Rolex catalogue, the steel Pepsi appears to be exiting the lineup ahead of a new chapter for the GMT-Master family. What replaces it — and when — will define the secondary market for years to come.

For collectors and enthusiasts, this is a genuine inflection point: a chance to own the final expression of one of watchmaking's most storied designs. The watch earned its status honestly — through 70 years of aviation heritage, a genuinely beautiful ceramic execution, and a position at the cultural centre of the modern watch boom. That story doesn't end with discontinuation. If anything, it's just beginning.

We'll update this article as Watches and Wonders 2026 announcements come in. Bookmark this page or follow us for the latest.