Only a few watches are as instantly recognizable as a Rolex. Revered for its horological excellence, every Rolex epitomizes design brilliance, top-end artistry, elegance, and finesse, all encircled by the precision of Swiss watchmaking.
One of its iconic designs, affectionately nicknamed “Pepsi,” holds synonymity with Rolex’s much-coveted GMT-Master collection. This was the design that initially debuted with the first GMT-Master in 1955, thus serving as a pillar establishing the foundational connection with the brand ever since.
Decades have passed, and the quintessential Pepsi bezel has undergone unprecedented design evolutions over time. Ever since the collection received its most anticipated update to the GMT-Master II series in the 1980s, we have observed three distinct iterations of this version, showcasing the classic red and blue design. With approximately seven different versions of the GMT-Master II “Pepsi” references released as of early 2024, the options add to the diversified iconic GMT-Master II portfolio.
The comprehensive guide unfolds everything you need to know about the Rolex GMT-Master II Pepsi, ranging from the model’s rich historical background to its iconic design evolution, with comprehensive coverage of the individual details associated with each reference. Whether you are a seasoned collector or a first-time buyer, going in-depth and covering the nuances is the key to informed decision-making.
Guaranteeing personalized advice, you always have the option to call or schedule a meeting with the experts to assist you when discovering the trendsetting GMT-Master II “Pepsi” here at Luxury Time NYC.
The Rolex GMT-Master II Pepsi- What Defines It?
While most Rolex nicknames refer predominantly to a single specific model named “Pepsi,” it is a much broader term. The term typically refers to any Rolex GMT-Master II that features a distinctive, versatile split-color red and blue bezel.
Not including the vintage GMT-Master models, this collection comprises seven different GMT-Master II Pepsi references. The three most exclusive ones include the scarce, gem-set "off-catalog" models. The highly sought-after collection was never made available to the general public.
Despite showing a great variety, all GMT-Master II models share standard features. Featuring the 40mm Oyster case, with a protective sapphire crystal and an automatic GMT movement, the model boasts a distinct, individually adjustable local hour hand. Adorned with a bi-directional rotatable bezel, the trendsetting red and blue insert is the distinguishing feature.
The details begin to diversify from this very conjuncture. In fact, Rolex GMT-Master II’s current catalog showcases two standard versions of the quintessential Rolex masterpiece. These models are available in two distinct metals, featuring three unique yet captivating dial styles and two distinct bracelet options. An array of bold, charismatic choices offers prospective buyers the opportunity to indulge luxuriously.
The Stunning Pepsi Bezel- A Brief History
Since its inception in 1982, the iconic Pepsi bezel has gone virtually unnoticed. The mesmerizing charm of the visually striking model was offered exclusively in a red and black “Coke” bezel. It was not until 1989, with the release of the second-generation reference 16710, that the trademark red and blue colors made a bold and much-awaited comeback into the GMT-Master II lineup.
It was during this period that the bezels were made from anodized aluminum. Such were the aesthetics and visually captivating beauty and allure that these references, imitating the look and feel of their vintage predecessors, had come to the fore. The events that occurred between 2005 and 2007 can be described as a game-changing or revolutionary transformation.
Rolex's transition to feature the proprietary Cerachrom Ceramic bezels across its entire line was a bold move. However, the technology to manufacture a two-tone ceramic bezel proved to be the perfect combination. The standard production models, as a result of this experiment, were fitted with a single-color black bezel.
You could still not predict whether Pepsi had gone entirely. In 2006, Rolex unveiled the reference number 116758 SARU, epitomizing ornamental beauty and representing the marvel of an opulent catalog piece. It featured a diamond-set case with a scintillating blue and red bezel crafted from rubies and sapphires.
The picturesque gem-set design was further promoted with the introduction of the white gold reference 116759SARU in 2007. The visually striking appeal and aesthetic beauty were given an element of exclusivity. The off-catalog models were produced in tiny numbers, specifically for the VIP lot.
Pepsi, however, was still out of reach for most customers. It was not until 2014 that the release of the white gold reference 116719BLRO, a standard-production GMT-Master II featuring the iconic ceramic Pepsi bezel, became available to the general public.
The year 2018 marked a significant milestone with the introduction of the stunning stainless steel GMT-Master II Pepsi (reference 126710BLRO), thereby transforming the iconic design into a classic masterpiece.
A subtle differentiation was introduced with the white gold model being updated to feature a "Midnight Blue" dial. It so happened that in 2019, Rolex unveiled a meteorite dial as an option for the white gold reference, followed by a subtle yet noticeable release of another off-catalog gem-set version in Everose gold (reference 126755SARU).
As of 2024, the standard-production lineup features the game-changing stainless steel 126710BLRO and the 18k white gold 126719BLRO. The two models featured the Caliber 3285 movement and a 40mm case. Here, a steel model features a stunning black dial, offering a choice between an Oyster or Jubilee bracelet. The white gold version comes exclusively with an Oyster bracelet and either a Midnight Blue or meteorite dial.
Features of the GMT-Master II Pepsi
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Model Name: Rolex Oyster Perpetual GMT-Master II
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Reference Numbers: 16710, 116719BLRO, 126719BLRO, 126710BLRO, 116758SARU, 116759SARU, 126755SARU
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Years of Introduction: 1989 (16710); 2006 (116758SARU); 2007 (116759SARU); 2014 (116719BLRO); 2018 (126719BLRO, 126710BLRO); 2019 (126755SARU)
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Popular Nickname: “Pepsi”
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Materials: Stainless steel, 18k Yellow Gold, 18k White Gold, 18k Everose Gold
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Case Size: 40mm
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Functionality: Hours, minutes, seconds, date, second time zone
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Bezel: Bidirectional rotating with a red and blue insert (aluminum, ceramic, or gem-set)
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Dials: Black, Midnight Blue, Meteorite, or Diamond-Paved
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Crystal: Sapphire with Cyclops lens
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Movement: Rolex Caliber 3185, 3186, or 3285 (automatic)
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Water Resistance: 100 meters / 330 feet
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Bracelet: Oyster or Jubilee bracelet (options vary by reference)
Decoding the Three Pepsi Bezel Types
The evolution of the GMT-Master II Pepsi can be tracked through its three distinct bezel materials.
Aluminum
Found exclusively on reference number 16710 (produced from 1989 to 2007), the bezel type is made of anodized aluminum. It shares its construction with vintage GMT-Master watches, providing these models a distinctly retro feel and is thus relished by collectors and enthusiasts, with a dominance and fame that transcends trends.
Ceramic
Since its inception in 2014, the Cerachrom ceramic Pepsi bezel has proven to be an engineering marvel of the modern era. Carved out of a single piece of ceramic, the elegance of this contemporary masterpiece has taken collectors and enthusiasts by surprise. The quintessential split-color insert proves highly resistant to scratches and indentations. Ceramic is a standard feature for all current Pepsi models on the market.
Gem-Set
Reserved for the most exclusive off-catalog references, the bezel type is considered a masterpiece of haute joaillerie. Precisely cut rubies hinting at an engineering marvel, all set to mesmerize collectors with the charm of the red, and those elegantly adorned with sapphires, particularly chosen for the blue, diamonds being the hour markers.
Top GMT-Master II Pepsi Models
A total of seven GMT-Master II Pepsi references exist, including the off-catalog pieces. Here we listed a deeper analysis for each:
GMT-Master II 16710
Produced between 1989 and 2007, the Reference 16710 proved to be the last GMT-Master II to feature an aluminum bezel. Initially powered by the Caliber 3185 and later the prominent 3186, the watch’s superior functionality emulates modern-day watches and their contemporary feel. This popular GMT-Master is not only aesthetically pleasing but also significantly vintage. Displaying a sleek, more sophisticated case profile, it epitomizes elegance with a classic aluminium insert.
GMT-Master II 116719BLRO
Crafted luxuriously from 18k white gold, the Reference 116719BLRO marks a revolutionary step in high-end watchmaking, catering to contemporary tastes. The trailblazing watchmaking sensation came fitted initially with a black dial; Rolex later allowed the model to be swapped for the iconic "Midnight Blue.” The discontinued model, therefore, could be found comprising unique dial variations.
GMT-Master II 126719BLRO
This trendsetting GMT-Master II, introduced in 2018, has been the benchmark, available exclusively in white gold. Incorporating modern design features into the Caliber 3285 movement, it is available in a striking "Midnight Blue" dial or a breathtaking meteorite dial. Rolex introduced the latter in 2019. Assuring buyers of more vibrant, versatile choices,
GMT-Master II 126710BLRO
The iconic stainless steel Pepsi, since its introduction to the world, has brought to the fore a progressive, much-developed, modern-day, contemporary aesthetic. Bringing the trendsetting look to a broader audience, featuring the scintillating black dial and a ceramic Pepsi bezel, along with the caliber 3285 movement. Offered categorically on a Jubilee bracelet, Rolex added versatility with an Oyster bracelet in 2021.
GMT-Master II 116758SARU
The off-catalog model in yellow gold from 2006 was the first gem-set version of the Pepsi. Featuring the quintessential diamond-set lugs and the crown guards, it was available with a black or diamond-paved dial and a standard or diamond-set Oyster bracelet.
It remains a scarce and sought-after piece. Featuring these ultra-luxurious versions with diamond-set center links, this model is a celebrated collection, thus raising a toast to Rolex's commitment to nothing less than top-quality.
GMT-Master II 116759SARU
Following the yellow gold counterpart, the quintessential Rolex masterpiece, known exclusively as the white gold 116759SARU, was released in 2007. Boasting the same luxurious gem-set bezel as the diamond-set case, the model also features a similar dial with an elegant feel. Identical to all off-catalog models, the watch has been reserved for Rolex’s most valued clients. ‘
GMT-Master II 126755SARU
The most recent off-catalog Pepsi was subtly unearthed in 2019. Manufactured out of Rolex’s proprietary 18k Everose Gold, the watch features the updated Caliber 3285 movement. Continuing to capitalize on the trend, Rolex, featuring its diamond-set case with a signature ruby and sapphire bezel, stands out in a class of its own.
Market Value in 2025
With the start of 2024, the price bands of the Rolex GMT-Master II Pepsi begin at $10,700, specifically for stainless steel models 126710BLRO, adorned with an Oystersteel bracelet. Prices increase to $42,900 for the white gold 126719BLRO, featuring a meteorite dial.
Carrying an element of rarity and exclusivity, the most popular Rolex models are in continuous demand that consistently outstrips supply. Their limited-production approach displays how all seven models command premium price tags with a dominant presence in the secondary market.
With reference number 16710 being the most accessible entry point into the pre-owned Rolex market, its prices range from around $12,000 to $13,000. A unique and trendsetting gem-set-off catalog on the other end of the spectrum turns out to be those six-figure watches, featuring the most exclusive models with a premium price range approaching $300,000.
Most significantly, the secondary watch market has a totally different impact from the retail space. It is the stainless steel 126710BLRO that trades competitively for more than double its retail price, while the white gold model with the reference number 126719BLRO usually settles for lesser premium prices.
The charismatic meteorite dial comes with a $2,300 upgrade at retail and can reach a premium of approximately five figures in the retail market. This is the probable area where partnering with experts who hold a badge of trustworthiness and credibility enables you to secure a profitable deal with guaranteed returns on investment.
It is due to transparent pricing backed by extensive knowledge that the experts handle partnerships superbly, which is paramount. Trusted dealers like Luxury Time NYC become invaluable. We welcome you to join hands and make a sound investment for yourself.
Where Trust and Reviews Become Pivotal
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Disclaimer:
Prices in the luxury watch market are subject to change based on market demand, brand trends, and global economic factors. Collectors should monitor market dynamics regularly before making investment decisions.
