The watch world is processing a seismic shift. As of April 14, 2026, during the annual Watches and Wonders event in Geneva, Rolex officially removed the GMT-Master II “Pepsi” (Ref. 126710BLRO) from its catalog.
After years of speculation, the red-and-blue ceramic icon has been discontinued, marking the end of its eight-year run in stainless steel.
The End of an Era: Why Now?
While Rolex never provides an official reason for retirements, industry insiders point to a few key factors that likely led to the Pepsi’s exit:
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Manufacturing Complexity: It has long been rumored that the “Pepsi” Cerachrom bezel was a production nightmare. Achieving a stable, vibrant red and deep blue in a single piece of ceramic reportedly resulted in high failure rates during the firing process.
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The 2026 Strategy: This year, Rolex focused heavily on new GMT variations, specifically the expansion of the “Bruce Wayne” (Grey/Black) and new material experiments, leaving no room for the high-overhead production of the red/blue bezel.
Australian Market Impact: Pricing & Availability
The news has hit the Australian secondary market with immediate force. Dealers in Sydney and Melbourne reported a massive surge in inquiries within hours of the official announcement.
Retail vs. Secondary Market (AUD)
| Status | Configuration | Estimated Price (AUD) |
| Last Retail Price | Oystersteel (Jubilee/Oyster) | $16,500 – $17,200 |
| Secondary (Pre-April 2026) | Used / Full Set | $31,000 – $35,000 |
| Secondary (Post-Discontinuation) | Unworn / 2026 Card | $54,000 – $59,000+ |
The “Discontinued Premium” is already visible. Leading Australian grey market platforms have updated listings for unworn 2025 and early 2026 models, with some Jubilee bracelet versions now being priced as high as $59,000 AUD—nearly 3.5x the original retail price.
Local Insight: For those on waitlists at Authorized Dealers (ADs) across Victoria and NSW, the news is grim. Many dealers have already begun contacting customers to inform them that remaining allocations will not be fulfilled, often pivoting the conversation toward the “Batman” or the newer “Bruce Wayne” models.
What Models are Gone?
The discontinuation isn’t limited to the steel version. The entire “Pepsi” family has been sunset:
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126710BLRO: The classic Oystersteel model.
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126719BLRO: The 18ct White Gold version (including the Meteorite dial variant).
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126619LB: The 18ct White Gold “Cookie Monster” Submariner was also scrubbed from the site in this GMT-focused cleanup.
What Comes Next?
Despite rumors of a “Coke” (Red/Black) return, Rolex opted not to introduce a red-bezel replacement this year. The GMT-Master II lineup now centers on:
“Batman/Batgirl” (Blue/Black)
“Sprite” (Green/Black – Lefty)
“Bruce Wayne” (Grey/Black)
The verdict for Australian collectors? If you already own a Pepsi, it has just become the ultimate “blue-chip” asset in your collection. If you were looking to buy, you may want to wait for the initial “discontinuation panic” to settle, though history suggests the Pepsi’s floor rarely drops significantly once it leaves the catalog.
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