Why the Rolex GMT-Master II “Pepsi” Could Be Discontinued in 2026

The current ceramic-bezel GMT-Master II 126710BLRO was introduced in 2018, marking the return of the iconic red-and-blue bezel after a long absence. The original aluminium-bezel Pepsi (reference 16710) was discontinued back in 1989.

That means the modern ceramic Pepsi has now enjoyed an uninterrupted production run of around eight years. Historically, this puts it well within the typical Rolex lifecycle. For comparison, the Submariner “Hulk” (116610LV) was discontinued after roughly ten years in production. Rolex has never been afraid to retire even its most popular references once they feel a model has run its course.

To purchase a Rolex GMT-Master II Pepsi at retail, you first need to be on an authorised dealer’s waiting list—an opaque process at the best of times. While it sounds straightforward, the reality is far more nuanced (we cover this in detail in our guide on how to buy a Rolex at retail).

Recently, collectors across the UK have reported that waiting lists for the Pepsi have been closed entirely. When an AD closes a list, it’s typically for one of two reasons: demand has become unmanageable, or the dealer no longer believes they will receive future allocations of that model.

The latter is far more interesting—and leads us directly to the next point.

Each year, authorised dealers submit requests to Rolex for the models their clients are asking for. While Rolex does not guarantee delivery of specific references, dealers are usually informed which models they can expect to receive over the following three-month period. This allows ADs to manage expectations and allocate pieces accordingly.

As of January, authorised dealers can no longer request the GMT-Master II 126710BLRO as part of their inventory. Multiple UK ADs have independently confirmed this as well as Grey Market dealers. While this does not conclusively prove discontinuation, it is a strong signal—particularly with Watches and Wonders 2026 approaching.

Watches and Wonders, taking place this April, is where Rolex traditionally unveils its annual novelties. With new releases on the horizon, speculation is mounting around a potential new GMT-Master II variant—most notably a black-and-red bezel, commonly referred to as the “Coke”.

Historically, Rolex tends to streamline its catalogue when introducing new variations. Adding a new bezel configuration often means retiring an existing one, and the Pepsi is a logical candidate given its long production run and sustained demand.

While Rolex never confirms discontinuations in advance, the combination of closed waiting lists, removal from AD ordering systems, and the timing of Watches and Wonders makes this the strongest signal yet that the 126710BLRO could be leaving the catalogue—adding further weight to growing speculation around Rolex Pepsi discontinued 2026.

We won’t know for certain until April 14th, 2026, when Rolex officially reveals its new releases.

If the Rolex Pepsi discontinued 2026 scenario becomes reality, secondary-market prices are almost certain to react. While nothing is guaranteed, it’s reasonable to speculate that current prices—around £15,000–£16,000 for a new or unworn example—could climb towards £19,000, depending on bracelet configuration and overall market conditions.

As always with Rolex, scarcity fuels desire—and the Pepsi has already proven itself as one of the most enduring icons of the modern era.