Rumors of the iconic GMT-Master II’s discontinuation are already sending shockwaves through the watch world—and collectors are paying close attention.
Rumors move quickly in the watch world, but when they involve Rolex, collectors tend to pay very close attention. Reports circulating through the horology industry suggest that the legendary Rolex GMT‑Master II “Pepsi” may be on its way out—at least for now. If the speculation proves accurate, one of the most recognizable modern sports watches could soon become even harder to find.
The story began when industry publication WatchPro reported that authorized dealers had been informed they would receive no further deliveries of the famed red-and-blue bezel GMT-Master II. While Rolex itself has not confirmed the move publicly, the rumor alone has been enough to ignite discussion across collector forums, watch communities, and the secondary market.
Few watches carry the cultural and historical weight of the “Pepsi.” The GMT-Master line first appeared in 1955, originally designed for commercial airline pilots who needed to track multiple time zones during long international flights. Its distinctive two-tone bezel—half red, half blue—quickly became the model’s visual signature. The colors allowed pilots to distinguish between day and night hours when using the watch’s 24-hour GMT hand.
Over the decades, the watch has moved well beyond the cockpit. The “Pepsi” has become a favorite among collectors and enthusiasts, thanks in part to its appearances on screen and its long association with adventure and travel. Hollywood icons such as Clint Eastwood and Tom Selleck famously wore versions of the watch in film and television, cementing its status as a pop-culture symbol as much as a tool watch.
In its modern form, the GMT-Master II “Pepsi” has been one of the most sought-after stainless steel models in Rolex’s catalog. Demand routinely far outpaces supply, with waiting lists stretching for years at many authorized dealers. For collectors, actually obtaining one at retail often requires patience, connections—or a healthy dose of luck.
That scarcity could intensify if the rumors are true.
According to watch industry insiders, some authorized dealer websites have quietly removed certain Pepsi references from their listings. Buyers visiting stores in search of the watch have also reported being told that no further shipments are expected. While Rolex is known for tight control over production and distribution, these subtle changes have fueled speculation that the company may be preparing to retire the current version.
For experts in the resale market, the development is significant but not entirely surprising. Paul Altieri, whose company Bob’s Watches specializes in pre-owned Rolex models, notes that the Pepsi has always held a special place in the brand’s modern lineup.
“The GMT-Master II ‘Pepsi’ has been one of the defining modern Rolex sports watches,” Altieri explained. “Rolex has discontinued it before and brought it back, so nothing is ever final—but when a steel Pepsi disappears from the catalog, collectors definitely notice.”
One possible explanation involves the watch’s ceramic bezel. The modern GMT-Master II uses Rolex’s highly durable Cerachrom bezel insert, which requires a complex manufacturing process—especially when two colors are involved. Industry reports suggest that producing the distinctive red-and-blue ceramic bezel has been technically challenging, with higher failure rates during production.
If those difficulties persist, Rolex may simply be pausing production while it refines the process or prepares a new version.
In the meantime, other GMT-Master II variations remain available. Collectors can still find models like the “Batman” with its black-and-blue bezel, or the rose-gold-toned “Root Beer” variant, both of which continue to appear through authorized dealers and the resale market.
But for enthusiasts, the Pepsi remains the icon.
If the model truly disappears from the current catalog, the secondary market will likely respond quickly. Historically, when Rolex halts production of a popular reference, prices often spike as collectors rush to secure examples before supply tightens further.
“In the short term, demand and pricing usually move up when a model like this gets pulled,” Altieri says. “And over time, it only adds to the watch’s legacy.”
Another factor fueling speculation is timing. The watch industry is now looking ahead to Watches and Wonders Geneva, the annual international showcase where many brands—including Rolex—unveil their newest creations. If the Pepsi is indeed leaving the stage, the brand may be clearing space for a new GMT-Master variation or a redesigned version that could become the next collector obsession.
For now, nothing is official. Rolex rarely comments on production changes, and the brand has surprised collectors before by quietly bringing back beloved models years after discontinuing them.
Still, one thing is certain: if the GMT-Master II “Pepsi” truly disappears—even temporarily—it will only deepen the legend of one of Rolex’s most celebrated watches. And for collectors still hoping to secure one, the chase may have just become even more intense.
