Harvey

The first ceramic version of the GMT Master II “Pepsi” was launched in 2014 under reference 116719BLRO, but it was only available in 18k white gold. After four years, Rolex discontinued the white gold variant with the black dial and introduced a stainless steel version in 2018, with reference number 126710BLRO. This marked the first blue and red ceramic bezel GMT in steel.

One notable difference, besides the material, was the introduction of the jubilee bracelet for the steel version—something the white gold model never offered. Later, in 2021, Rolex reintroduced the option for the classic oyster bracelet.

There have been three main bezel variations for the steel “Pepsi.”

1. MK1 (2018): The first iteration had the lightest shade of blue and red.
2. MK2 (2019): A darker version of the blue and red bezel.
3. MK3 (2021): A more refined bezel with improved colors, widely regarded as superior to the MK2.

Collectors particularly prize the MK1 due to its limited production time and unique bezel coloration.

The steel Pepsi was introduced in 2018 and has now been in production for 7 years (as of 2025). Rolex models typically have a lifespan of 5–10 years, so the Pepsi falls within the expected range for discontinuation.

Rolex has faced challenges perfecting the bezel colors for the “Pepsi.” The process involves dyeing the bezel in stages, starting with red and then adding blue. Achieving a crisp transition between the two colors without producing a purple hue where they meet has proven difficult.

Rolex’s high standards mean that only about 1 in 10 bezels meets their exacting quality control, making the process both time-consuming and costly.

While there is no definitive confirmation that the GMT Pepsi will be discontinued, Rolex tends to phase out models after a period of 5–10 years. With the potential introduction of a new “Coke” model (black and red bezel) in 2025, many speculate that the Pepsi might be retired at the next Watches & Wonders event in April 2025.

The “Coke” refers to the black and red bezel variant of the GMT Master II. A patent filed in 2024 suggests that Rolex is planning to reintroduce this colorway. If this happens, the Coke could replace the Pepsi, though it’s also possible that both could coexist in the Rolex lineup.

Before getting started, it’s important to manage your expectations. If you’re thinking of getting a highly coveted model like the Rolex Daytona, let’s set things straight now.

Rolex watches are categorised by demand:

• High-demand watches (e.g., Steel Rolex Daytona 126500LN) typically require a prior purchase history, which we’ll discuss later.
• Lower-demand watches (e.g., Datejust 36 in steel with a domed bezel) may be easier to acquire, making them a more realistic “first Rolex” for someone without previous purchases.

Check out Grey Market to understand more about the waiting list on models such as the Rolex Daytona

You may have heard about the “wait list”—a mythical lineup of people waiting for the same model. However, the reality is a bit different. Authorised dealers refer to this as your “Registration of Interest.” This doesn’t guarantee you’ll receive the watch; it simply notifies the dealer of your intent to purchase a specific model or configuration.

For instance, in group-owned ADs, you can register interest for up to three watches simultaneously. These can be the same model in different configurations or three entirely different models.

Once you register interest—say, for a Steel Submariner non-date—this shows up on your account, and the waiting period begins.

The “pre-authorised list” is an internal dealer system that determines whether you qualify to purchase the watch you’ve expressed interest in. It takes into account the demand for the watch and your purchase history.

For example:

• If you have no purchase history and register for a high-demand watch like the Rolex Daytona, you won’t be pre-authorised because other clients with purchase histories are given priority.
• If you’re eyeing a low-demand model, like a Datejust 36 in steel, you’ll likely be pre-authorised, as demand is lower.

Factors such as second-hand value, the number of units received, and pre-existing clients waiting for the watch influence these decisions.

Purchase history refers to the total amount you’ve spent at a specific store, including purchases of Rolex watches, other watch brands, and jewellery. To qualify for the opportunity to buy certain high-demand models, like the Rolex Daytona, a significant purchase history is often required. The exact amount can vary by region.

Typically, the Rolex Daytona in Steel is reserved for VIP and VVIP customers.

For example:

• VIP customers generally have a purchase history ranging from £80,000 to £150,000.
• VVIP customers typically have spent over £300,000.

However, many other Rolex models are not restricted by purchase history and are classified as “First Rolex,” meaning they are considered entry-level options. These typically include certain sizes of the Datejust and Oyster Perpetual models, though availability may vary depending on dial colour and the popularity of the specific model.

If you’re fortunate enough to make it onto the pre-authorised list, the next step is enduring the waiting period. The wait time can vary widely based on factors like Rolex’s monthly supply, manufacturing issues, popularity of the model, and even potential discontinuations.

For example:

• The Rolex GMT Master II “Pepsi” (blue and red bezel) faced manufacturing challenges, particularly with the bezel insert, limiting availability to only 1-2 watches per store per year. With 200 people on the pre-authorised list, this could mean a waiting period of decades.

The typical lifespan of a Rolex model is around 5-10 years before being discontinued or replaced by a new variation (e.g., the Rolex Hulk 116610LV, which was produced for 10 years before being discontinued in 2020).

Some collectors believe that purchasing jewellery or watches from other brands helps reduce waiting times for high-demand Rolex models. While this isn’t confirmed, it’s widely believed that increasing your general spend at an authorised dealer can improve your chances of acquiring more exclusive pieces.

This approach may not significantly cut down your waiting time but can enhance your standing, especially for hard-to-get models.

Establishing a strong relationship with your authorised dealer is crucial. If you’re one of 200 people on a pre-authorised list, it’s helpful to be memorable. Regular visits, friendly interactions, and realistic conversations about your collection can go a long way.

Remember, AD staff are regular people—don’t overwhelm them with constant talk about watches. Keep things light and genuine.

If a watch you’re waiting for gets discontinued, your position on the “list” is erased. However, the time you spent waiting can often be transferred to another model that you’re authorised to purchase. Unfortunately, this doesn’t apply to newly released models, only those you’ve been waiting for prior to the discontinuation.