Rolex has informed authorized dealers that it will cease deliveries of the steel GMT-Master II 'Pepsi'—known for its red-and-blue ceramic bezel—confirming years of rumors amid production challenges. Secondary market prices have surged well above retail, with speculation mounting for a replacement reveal at Watches and Wonders 2026.
Reports from WatchPro confirm that Rolex has discontinued deliveries of its popular steel GMT-Master II featuring the iconic red-and-blue 'Pepsi' bezel to authorized dealers. Customers on waiting lists are being directed to alternative models as the scarcity intensifies.
The model traces its origins to 1954, when Rolex collaborated with Pan American World Airways to create a dual-timezone watch for pilots tracking home and destination times. The current steel reference, in production since 2018, has faced persistent rumors of reduced output due to manufacturing difficulties with the two-tone ceramic bezel, including high failure rates—though Rolex has not officially commented.
Speculation has swirled annually ahead of Watches and Wonders, the Geneva watch event in April 2026, where industry observers anticipate an updated version with potential changes to the case, movement, or pricing.
Secondary market demand has driven prices sky-high. The watch retails for around $15,000 USD (£9,850 GBP / $19,900 AUD), but trades at $30,000–$50,000 USD (£25,000+ GBP / $50,700 AUD median per EveryWatch). Related models like the 'Batgirl' GMT (black-and-blue bezel on Jubilee bracelet) have also doubled to nearly $40,400 AUD, over twice retail.
Esquire highlights the model's strong investment appeal, urging quick action for buyers. This halt underscores broader supply constraints in the luxury watch market, where demand for Rolex's steel sports icons consistently outpaces availability.