Rolex Pepsi

Rolex developed the first GMT-Master in the mid-1950s for Pan American World Airways (Pan Am). The very first model, launched in 1954, featured the distinctive red and blue “Pepsi” bezel. The two colors have a practical use: the red half indicates the daytime hours and the blue half the nighttime hours.

Over the past few decades, Rolex has introduced a number of different Pepsi references that have remained true to the model’s basic design. The GMT Master II “Pepsi” editions are also popular with Rolex fans because of the meticulous care given to the collection. Due to high demand and limited availability, the waiting lists for these models are growing, with wait times of up to several years.

As a result, prices have risen significantly in recent years. Virtually all references have seen an increase in value, some of them significant. The years-long rally peaked in the spring of 2022. Since then, prices have fallen significantly for some variants, but are still high.

Reasons to Buy a Rolex “Pepsi”

• Iconic design
• In-house caliber with a second time zone
• Available with a Cerachrom bezel and white gold case
• Excellent prospects in terms of investment

At the time of going to press in September 2024, the most affordable entry into the world of the Rolex GMT-Master with a Pepsi bezel changed hands on Chrono24 for roughly 13,400 USD. This level of investment will get you a vintage ref. 16700 with an aluminum bezel. Reference 16710 was the first GMT-Master to be fitted with a scratch-resistant sapphire crystal rather than an acrylic crystal. The average price here is around 18,900 USD for a well-maintained specimen.

Launched in 1981, the GMT-Master ref. 16750 was the first watch to feature a stop-second function and quickset date. As of Fall 2024, a well-maintained model from this line will set you back about 15,100 USD.

The ref. 1675 was part of the Rolex catalog for more than 20 years and is now one of the most coveted “Pepsi” models in the watch world. Depending on the condition, plan to shell out about 30,100 USD for one of these models.

The bezel of the first 6542 models was made of Bakelite, which was replaced by an aluminum bezel shortly thereafter. Expect to pay just over 58,000 USD for a ref. 6542 in excellent condition.

In 1982, Rolex launched the GMT-Master II with the reference 16760. The watch was nicknamed the “Fat Lady” by Rolex fans because of its slightly thicker case. However, due to its black and red bezel, it’s not known as a “Pepsi,” but as a Rolex “Coke.” However, it does have some features that are important for future Pepsi models. The caliber 3085, for example, can display three time zones at once. Rolex also gave the watch a larger crown protector and replaced the plexiglass with a sapphire crystal. You can call a “Fat Lady” in good condition your own for around 14,600 USD.

The next evolution of the Pepsi followed in 1989 with the ref. 16710, in which Rolex first used the caliber 3185 and, later, the caliber 3186. This reference is also available in the “Coke” color combination or with an all-black bezel. Rolex also switched from tritium to Super-LumiNova around 1998. You can buy a pre-owned Coke model from around 18,900 USD.

The GMT-Master Pepsi With a Cerachrom Bezel

In 2014, Rolex once again introduced a GMT-Master II with a Pepsi bezel, the ref. 116719BLRO. Unlike its predecessors, however, this model is only available with an 18-karat white gold case. The Swiss luxury watch manufacturer now makes the bezel out of Cerachrom. The watch features a triple-sealed Triplock winding crown and a “maxi” dial with large luminous indices. The watch is powered by the caliber 3186 with a Parachrom hairspring. In unworn condition, this watch will set you back about 42,900 USD as of September 2024.

At Baselworld 2018, Rolex announced that a stainless steel version of the GMT-Master II with a Cerachrom Pepsi bezel (ref. 126710BLRO) would be re-introduced to the collection. In addition to the material and the slightly modified design of the case, the brand also made a number of changes to the interior of the watch, fitting it with the in-house caliber 3285. This movement features Rolex’s patented Chronergy escapement, which is both highly energy efficient and made of an anti-magnetic nickel-phosphorus alloy. Also new is the Jubilee bracelet in stainless steel, known as “Oystersteel.”

There is great demand for this reference, which means that if you want to purchase one at a brick-and-mortar store, you may have to wait a long time – if you get the watch at all. This explains the high price, which in 2022 was more than three times the original MSRP. As of autumn 2024, this watch will set you back about 23,000 USD in mint condition. Rolex currently lists the watch on an Oyster bracelet for 10,900 USD.

In 2019, Rolex presented two new GMT Master II variants with a red and blue Cerachrom bezel. The caliber 3285 powers both versions, which bear the reference number 126719BLRO, and both variants are made of white gold. One version features a blue dial and costs around 43,800 USD in mint condition.

The other version is technically identical to the first but has a bright meteorite dial. According to Rolex, the material comes from the core of an exploded asteroid or planet. In the fall of 2024, this variant changed hands on Chrono24 for roughly 58,800 USD in unworn condition.