Rolex · GMT

Rolex GMT-Master II Pepsi

Ref. 126710BLRO · 40mm · Cal. 3285 · GMT · 100m WR

$16,800 to $19,500

The GMT-Master II Pepsi is Rolex's most desirable two-timezone reference and one of the strongest performers on the secondary market. The red/blue ceramic bezel on a Jubilee bracelet is immediately recognizable, and demand has never softened. Clean examples at fair prices don't sit.

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The History

Rolex developed the GMT-Master in the early 1950s in partnership with Pan American World Airways, which needed a pilot's watch capable of displaying two time zones simultaneously. The original GMT-Master launched in 1954 and immediately became the watch of choice for international pilots and travelers. The red and blue 'Pepsi' bezel, named for its resemblance to the Pepsi Cola logo, became the defining colorway of the line. The GMT-Master II, introduced in 1982, improved the complication by allowing the local hour hand to be set independently from the GMT hand, making it more practical for travelers crossing multiple time zones. The current ref. 126710BLRO, released in 2018, brought the first red/blue ceramic Cerachrom bezel, previously the bi-color bezels had only been available in aluminum, along with the upgraded Cal. 3285 movement and the Jubilee bracelet.

Why Buyers Want It

The Pepsi GMT occupies a unique position: it has the recognition and liquidity of the Submariner, but at a higher price point with a more distinctive visual profile. The red/blue bezel reads as colorful enough to stand apart from an all-black or all-blue diver, while remaining conservative enough for formal contexts. It is the choice of buyers who want the second Rolex to go with their Submariner, or the single watch that works across the widest range of situations. Secondary market premiums have stabilized post-COVID but remain above retail for clean documented examples, reflecting structural supply constraints at authorized dealers.

What to Look For When Buying Pre-Owned

The GMT-Master II is one of the most counterfeited Rolex references. The bi-color bezel specifically is a common failure point for fakes.

, Ceramic bezel color, the red and blue sections should be distinctly different tones with a clean transition. Faded, uneven, or washed-out color indicates an aftermarket or damaged insert.
, GMT hand, the red GMT hand should track the 24-hour scale correctly. Wind the crown and verify the GMT hand advances one full rotation per 24 hours.
, Cal. 3285 vs older movements, the 126710BLRO runs the 3285. An older movement in this case is an immediate question about undisclosed service or case swap.
, Jubilee bracelet end links, the Jubilee bracelet's end links should sit flush against the case with minimal play. Check for stretch and verify the clasp markings.
, Rehaut and serial, same rules as all modern Rolex: loupe the rehaut engraving and cross-reference the serial with the papers.