The 'Pepsi' bezel—a blue and red 24-hour scale—is the defining aesthetic of the Rolex GMT-Master and one of the most legendary designs in horological history. Originally a functional tool for professional pilots, it evolved into a cultural icon nicknamed by collectors for its resemblance to the Pepsi logo.
When a brand like Rolex discontinues a model, it's rarely just a product decision. It's a watershed moment. With the end of production of the GMT-Master II with the red and blue bezel, better known as the "Pepsi," one of the most defining chapters in modern sports watch history comes to a close. The news came without much fanfare: authorized dealers were informed that no further deliveries would be made. Waiting lists, which for years had been among the longest in the industry, suddenly lost their purpose. And on the secondary market, a dynamic familiar from the history of iconic watches immediately took hold.
A watch for global modernity
To understand the implications of this decision, it's worth looking back at the origins of the Rolex GMT-Master. This model was created in 1954 in close collaboration with the American airline Pan Am. Pilots crossing multiple time zones needed an instrument that could display a second time zone simultaneously. Rolex subsequently developed a robust tool-watch concept with an additional 24-hour display. The two-tone bezel – red for daytime hours, blue for nighttime – was not only functional but also visually distinctive. It quickly acquired the nickname "Pepsi" among collectors.
From tool watch to icon
Over the decades, the GMT-Master – later the GMT-Master II – evolved from a professional instrument into a global style icon. Prominent owners contributed significantly to this status. Marlon Brando, for example, was seen wearing a GMT-Master during the filming of "Apocalypse Now." Pilots, business travelers, and politicians also made the model a symbol of international mobility. With the introduction of modern materials such as the scratch-resistant red and blue Cerachrom ceramic bezel, Rolex translated tradition into the present. This distinctive Cerachrom bezel was likely a key factor in the decision to discontinue the "Pepsi" model. For some time now, there have been indications that the production of the blue and red ceramic insert is associated with high reject rates and is technically demanding.
The "Pepsi" as a collector's trophy
In its current iteration, the stainless steel GMT-Master II “Pepsi” is among the most sought-after production models in modern watchmaking. Its status is based on several factors that have reinforced each other over decades. Firstly, the reference stands in direct historical continuity with the original GMT-Master of the 1950s, thus embodying one of the most enduring design lines in the industry. Secondly, it boasts arguably the most distinctive color combination in the entire GMT family. Crucially, however, availability is also a key factor. For years, demand has significantly exceeded supply, meaning that purchasing one from an authorized dealer often involves long waiting periods. This scarcity has spawned a vibrant secondary market where these models regularly trade well above the official list price.
Prices are soaring
With the now-confirmed discontinuation of production, the market is reacting as expected. Even before the official announcement, prices on the secondary market were significantly higher than the official retail prices of ₹12,17,000 (approx.) and ₹12,38,125 (approx.), respectively – depending on the specific strap variant. Since December of last year, prices on the Chrono24 trading platform have risen by 6.4 percent and currently average around ₹22,94,015 (approx.). The production halt is likely to accelerate this trend and further intensify the price surge.
Images: Courtesy Brand
This story first appeared on watchtime.net
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