In the world of watchmaking, there are rumors that are born, circulate for a few days, and then disappear. And then there are rumors that become a global storm. This is exactly what is happening to the legendary Rolex GMT-Master II 126710BLRO, aka “Pepsi“, which for years has represented one of the most desired models in the entire Rolex production.
In recent months, one question has begun to circulate with increasing insistence among collectors, retailers, industry influencers and enthusiasts: has Pepsi really gone out of production?
What makes this story different from the usual rumors is the fact that the conversation is no longer confined to a few niche forums. It is being talked about everywhere: on Instagram, TikTok, in collectors’ Telegram groups, in historical forums, in YouTube channels dedicated to watches, and even in conversations between retailers and customers on a waiting list.
The widespread feeling is that something is really happening behind the scenes.
The first rumor
The most persistent rumors began to circulate in late 2025 and early 2026. According to several industry publications and market participants, Rolex has reportedly informed several authorized dealers that new deliveries of the steel GMT-Master II Pepsi would no longer be expected.
In the Rolex world, this type of communication is not at all uncommon. The Geneva-based company almost never officially announces the end of a reference. Rather it gradually discontinues deliveries to retailers and lets the market slowly realize that something has changed.
According to some testimonies circulated among European and U.S. retailers, several customers who were on the waiting list for the Pepsi were reportedly asked to consider other models in the GMT-Master II family. In some cases, dealers reportedly suggested alternatives such as the “Batman” or the “Sprite” models that continue to arrive with greater regularity instead.
For those familiar with the dynamics of the brand, this detail was enough to immediately ignite speculation.
A curious change
At almost the same time many enthusiasts began to notice a curious change online. On several retailer sites Pepsi gradually disappeared from pages devoted to the Rolex GMT-Master II collection.
It is not only the steel version but also the white gold reference, the Rolex GMT-Master II 126719BLRO, has been removed from several digital catalogs.
In the Rolex world, these small signals are analyzed almost like investigative clues. Every change to the catalog, every change in dealer communication or stock availability is immediately noticed by the global enthusiast community. And it is precisely this set of elements that set off the rumor mill.
Instagram, TikTok and the global watch community
Whereas until a few years ago discussions of this kind remained confined to forums, today the dynamic is completely different. Social media amplifies everything.
In recent months, the possible farewell to Pepsi has become one of the most discussed topics in international watch communities. Viral posts on Instagram, video analysis on TikTok, endless threads on Reddit and YouTube are fueling a global conversation.
Influential collectors show screenshots of conversations with dealers. Dealers share analysis of model availability. Creators from the watch world comment on possible Rolex strategies. Some videos discussing the possible production release of the Pepsi have surpassed hundreds of thousands of views in just a few days.
The result is a typical phenomenon of the digital age. A rumor that once would have taken months to spread now goes viral in a matter of hours.
The mystery of the bezel
Among the most credible theories circulated among insiders is one regarding a very specific technical aspect. The Pepsi’s two-tone Cerachrom bezel. At first glance it might appear to be a simple aesthetic detail, but in reality it represents one of the most complex workings of the entire Rolex production.
Creating a ceramic bezel with two distinct colors in the same piece requires an extremely precise sintering process. The ceramic must be treated, colored and fired in such a way as to achieve two perfectly separate shades without compromising the strength of the material.
In the case of Pepsi, the challenge is even more complex. Achieving red in ceramic is notoriously difficult chemically and industrially. Rolex took years to perfect the process when it introduced the blue-red Cerachrom bezel in 2014.
According to several reports circulating in the industry as early as 2023, production of these inserts could have much higher rejection rates than other color combinations. This would mean higher costs, slower production and extremely limited availability.
Some observers believe that this may be one of the reasons behind a possible pause or revision of production.
The theory that makes collectors dream
If indeed Pepsi were to stop, many enthusiasts think Rolex would not leave that space empty. In recent months, a theory has been circulating that has excited the global community. The possible return of the “Coke”.
The Rolex GMT-Master II Coke is one of the most iconic GMTs in the brand’s history, recognizable by its red black bezel. This model existed for years in an aluminum version but was never made with a ceramic Cerachrom bezel.
The speculation stems from the fact that Rolex has filed several patents in recent years related to the production of two-tone ceramic components. Some observers believe that the company may have developed technology capable of producing a red-black bezel more easily than the red-blue combination.
If so, the possible Pepsi stop may simply represent the preparation of a new generation of GMT-Master II.
The secondary market
However, there is one indicator that often anticipates any official announcement. The secondary market.
When word circulates that an iconic model may be going out of production, collectors immediately start moving. And that is exactly what is happening with the Pepsi.
According to several platform reports, prices for pre-owned examples of the Rolex GMT-Master II 126710BLRO have been rising since late 2025 and continue to show an upward trend in early 2026.
This is not surprising. The Pepsi was already one of the most sought-after Rolexes in the world; if production really were to stop, collectors’ demand could increase even more.
Rolex’s strategic silence
Despite the global outcry, Rolex continues to maintain absolute silence. The Pepsi can still be seen on the brand’s official website, and there is no public communication confirming that it has been discontinued.
But those familiar with the company’s strategies know that this does not mean much. Rolex updates its catalog almost exclusively during major international events such as Watches and Wonders. And that is precisely why many observers are waiting for the next event at the Geneva show. And if indeed something has changed in Pepsi’s production, it is very likely that that is where we will find out.
One of the icons of modern watchmaking
The reason this story is generating so much attention is simple. The Pepsi is not just a watch, it is one of the most iconic configurations in the history of sports watchmaking.
For many enthusiasts, it represents the quintessential GMT-Master II. If the Rolex GMT-Master II 126710BLRO were to go out of production, it would not only be the end of a reference, it would be the end of an era.
And in the meantime, the enthusiast world continues to wonder the same thing. Is Rolex really saying goodbye to Pepsi, or is it simply preparing the next big watchmaking surprise?
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