Rolex Discontinues Iconic Pepsi GMT-Master II Models

In a move that has sent shockwaves through the luxury watch community, Rolex has officially discontinued its legendary Pepsi GMT-Master II models, reference 126710BLR in steel and 126719BLRO in white gold, both featuring the iconic blue-and-red Cerachrom bezels. This decision, announced during the Watches and Wonders 2026 event in Geneva, signals a potential end to an era for one of the brand's most coveted timepieces.

The modern Pepsi GMT-Master II had enjoyed a notable 12-year run since its introduction, with the stainless steel model first launched in 2018. At the time of discontinuation, the steel version was priced at $11,800 on an Oyster bracelet and $12,000 on a Jubilee bracelet, whereas the white gold variants retailed for $50,700 with a blue dial and $53,100 with a meteorite dial. Currently, the stainless steel models command at least double their retail price on the secondary market, illustrating the watch's immense popularity and desirability.

The discontinuation of the Pepsi GMT-Master II is not just a product update; it marks a shift in collector psychology and the dynamics of the luxury watch market. The model had become the most sought-after steel sports watch globally, with waiting lists that had built a culture around the hope of eventually obtaining one at retail. As Rolex informed authorized dealers that no more Pepsi deliveries would be made, these waiting lists lost their anchor, leaving collectors in a state of uncertainty.

Rumors of the Pepsi's demise had circulated for years, with many enthusiasts taking any talk of discontinuation with skepticism. The watch had been removed from numerous authorized dealer websites in the months leading up to the official announcement, creating a sense of urgency among collectors. According to reports, the secondary market had already begun to react, with Chrono24 noting a 500% surge in purchase requests for the 126710BLRO in the first week of March 2026 alone. Median prices in Australian dollars climbed from approximately $31,000 to over $35,600 within six months.

The Pepsi colorway, which debuted in 1955 on the original GMT-Master reference 6542, was initially developed as a tool for Pan Am pilots to track multiple time zones, with red indicating day and blue signifying night. The color combination quickly became a hallmark of Rolex and was featured in various models over the decades, including the ref. 1675 and 16710. After a hiatus from the steel catalog between 2007 and 2018, the Pepsi returned with a ceramic bezel, instantly becoming a cultural icon among collectors.

Rolex's decision to discontinue the Pepsi GMT-Master II is believed to be influenced by production challenges associated with creating a two-color ceramic bezel. Sources indicate that the rejection rate for Pepsi bezel inserts has been high, complicating the manufacturing process. This technical hurdle, combined with the brand's strategic focus on maintaining exclusivity, likely contributed to the decision to pull the model from the lineup.

As of April 14, 2026, Rolex's GMT-Master II configurator now displays only three steel bezel options: grey and black, blue and black, and green and black. The absence of the red-and-blue Pepsi option has left a notable gap in the collection, prompting speculation about what Rolex might offer next. Some industry insiders suggest that a red-and-black "Coke" variant could be on the horizon, as Rolex filed a patent in 2022 for producing a ceramic bezel in that colorway.

The impact of the Pepsi's discontinuation extends beyond individual collectors. It reflects how Rolex manages scarcity and visibility within its brand ecosystem. The removal of the model from Rolex's digital platforms, coupled with its absence from authorized dealers, has intensified demand and speculation about future offerings. Collectors are now left to ponder whether Rolex will reintroduce the Pepsi in a different form or allow the absence to linger, thereby solidifying its status as a collectible icon.

In the aftermath of this announcement, the watch community is grappling with the reality that the Pepsi GMT-Master II has transitioned from a coveted retail object to a symbol of scarcity. The secondary market's response has been swift, with prices soaring as collectors rush to secure what is now viewed as a limited edition. Reports indicate that some listings on platforms like Chrono24 have reached staggering figures, with certain models priced as high as $127,000—six times the original retail price.

The legacy of the Pepsi GMT-Master II remains intact, as it has become a defining piece of modern Rolex history. It was not just a watch; it was a cultural phenomenon that turned the modern steel sports Rolex into a financial instrument, a status symbol, and a collector's dream. As the dust settles from this major shift, the question remains: what story does Rolex want the GMT-Master II to tell next?

As collectors and enthusiasts watch the market closely, the future of the Pepsi GMT-Master II may well hinge on Rolex's next move. Will the brand introduce a new model to fill the void left by the Pepsi, or will it allow this iconic reference to cement its legacy as a symbol of luxury and exclusivity? , but —the discontinuation of the Pepsi has already reshaped the conversation around Rolex and its place in the world of luxury timepieces.