Hands-On Review: Rolex GMT-Master II “Pepsi” Ref. 126710 BLRO

This article is from the WatchTime Archives and was originally published in 2021. 

Coke or Pepsi? It’s a matter of taste, some say, and individual tastes always differ. But there’s only one right answer if you’re talking about the Rolex GMT-Master. Although the manufacturer made a version that had a GMT bezel in red and black, called “Coke,” the first GMT-Master from 1955 bore the red-and-blue scale for the 24-hour display and was nicknamed “Pepsi.” The Pepsi GMT-Master II represents the reincarnation of the classic in its original form.

At first, the colors were used to distinguish between the day and night times of the second time zone. This and other specs for the watch came from Pan American Airways, at whose request this model was created. At the time, new jet airliners made intercontinental flights shorter and more popular. And the increased number of flights also increased the demand for watches with a second time zone. In addition to having the aura of a pilots’ watch, the high level of recognition of the colored bezel contributed to the GMT-Master’s popularity.

Rolex modified the Pepsi very cautiously until 2007. But then, when it introduced a ceramic bezel on steel versions of the GMT-Master II, it became necessary to shelve the Pepsi. At that time, a two-color bezel made of ceramic appeared to be technically impossible, and the color red could not be created satisfactorily in this high-tech material. In 2013, Rolex solved one of these problems and the first two-tone ceramic scale appeared – in blue and black. This very popular GMT-Master II in steel became known as “Batman.” In 2014, Rolex was able to create the desired red color, and the company reintroduced the beloved red-and-blue Pepsi bezel – on a white-gold watch. The price of over $40,000 was too high for many fans of steel Rolex sports watches. In 2018, Rolex responded to its customers’ desires and again issued the Pepsi in steel.

So as not to be confused with the more expensive white-gold Pepsi, the steel Pepsi is the first Rolex sports watch that has a five-piece-link Jubilee bracelet, previously reserved for Datejust models. But whether this is a consolation to owners of the white-gold version is debatable, since the multi-linked Jubilee bracelet has a more elegant appearance than the three-row Oyster one.

Batman, meet Pepsi

Rolex developed the Jubilee bracelet in 1945 for the Datejust, and the GMT-Master has been available with this bracelet option since 1959. Like the Oyster bracelet on the earlier GMT-Master II, the center links are polished while the outer links have a brushed finish.

We found the Jubilee bracelet to be very comfortable to wear. The small links fit snugly against the wrist and did not pull fine hairs. Thanks to its curved links, the Oyster bracelet felt just as supple and comfortable. The bracelet and case are both made of saltwater-resistant stainless steel 904L, which Rolex calls “Oystersteel.”

Closing, Locking, Extending

Unlike the Datejust, the Jubilee bracelet for the GMT-Master II does not have the Oysterclasp folding clasp but instead uses the Oysterlock folding clasp (which is usual for sports models, with an additional safety bar). The clasps look very similar. Both offer the Easylink extension piece that can lengthen the bracelet by 5 mm – practical when the wrist expands due to warmer temperatures or increased activity. Half a link can be folded out from the clasp to make the bracelet longer without making a visible difference to the bracelet.

Pepsi on the rocks, now with an elegant, multi-link Jubilee bracelet.

The high-quality clasp on the Jubilee bracelet comes very close to optimum, in terms of workmanship and operation. The safety folding bar is barely noticeable when closed. Opening it by lifting the Rolex crown reveals a lever that is easy to raise to open the bracelet.

The winding crown is also simple to use. It must be unscrewed to wind the watch. In the first pulled-out position, the primary hour hand can be moved forward or back in hour increments to set a second time zone. The date will advance accordingly in either direction. In the second position, the minutes hand can be adjusted (and with it, the 24-hour and primary hour hand). The 24-hour hand is best used for home time or, for pilots, the all-important GMT, with the hour hand showing local time. The GMT-Master II is known for this function for travelers. Many other manufacturers only offer a quick-adjustment function for their second-time-zone watches, which is less useful when traveling.

With the GMT-Master II, it is also possible to adjust the bezel (which ratchets in hour increments) temporarily to show another time zone – for example, if you are in the U.S. and are working with a German company. Turning the bezel so that the GMT hand shows the time in the desired time zone allows you to see immediately whether your business partners might be available or not. All in all, the GMT-Master II provides very practical time-zone functions.

Research, Color, Patents

Upon its launch in 1955, the Pepsi’s bezel was made of Plexiglas and the red-and-blue color and the white track were printed on the underside. From 1959 to 2007, Rolex produced the bezel in aluminum with colors created using an anodizing process. This was followed by a zirconium-oxide ceramic track (and the related problems with the color). Mineral pigments can be added to color the material, but there is no mineral pigment that can produce a saturated red color. After years of research, Rolex returned to ceramic with an aluminum-oxide basis and added chromium oxide, magnesium oxide, and a rare earth oxide. This resulted in the red ceramic bezel we have today. For the blue color, half of the bezel is impregnated with a metallic salt solution prior to the sintering process. You can see the blue layer on top of the red background using a loupe. Sintering at 1,600 degrees Celsius for more than 24 hours results in the final colors. However, because the scale shrinks slightly during this process, it must be milled into the proper shape.

In order to make the numerals permanently easy to read, the entire ring is coated with platinum in a PVD process and then polished so that the precious metal remains only in the recessed numerals and dots. Rolex has patented both processes. The faded colors often seen on older GMT-Master models will not occur with the new UV-resistant bezel.

Here the red background on the bezel is visible; a special metallic salt produces the blue color.

And in contrast to the white-gold Pepsi and all previous GMT-Master II models, this version is the first to use the new Caliber 3285. With the exception of the chronographs, all Rolex self-winding watches are powered by the 31xx caliber (the old version) or the new 32xx caliber with a 70-hour power reserve instead of 48 hours. Although Caliber 3186 continues to be used in the other GMT-Master II models (except for the two new models in red Everose gold and in steel and Everose gold), the new movement now has a ball bearing instead of a plain bearing for the oscillating weight. The in-house Paraflex shock absorber is designed to slide back into its original position more smoothly in the event of an impact.

The greatest advantage for the wearer of the new Pepsi is the increased power reserve. Instead of two days, the watch provides almost three full days of uninterrupted power. The main contributor to the enhanced power reserve is the more efficient Chronergy escapement. The geometry of the pallet fork and escape wheel has been optimized, and the LIGA process, in which these parts are formed with a galvanic molding process, has allowed Rolex to produce perforated and thus lighter components. And thanks to the nickel-phosphorous alloy used, the escapement is no longer affected by magnetic fields.

What has remained are the well-known advantages of Rolex movements: an extremely stable balance bridge instead of a single-sided balance cock, the free-sprung hairspring with Breguet overcoil and the adjustable fine regulator with Microstella weights on the balance.

©Rolex/Jean-Daniel Meyer

Rolex has improved the caliber consistently in the core virtues of accuracy, longevity, and sturdiness. Decorations are present, like a sunburst finish, but there is no hand-applied engraving. The new movement can also be identified by a detail on the dial: a tiny Rolex crown is placed between the two words “Swiss Made” at the dial’s edge.

As always with Rolex, the official Swiss chronometer certification institute COSC confirms the movement’s high rate accuracy at various temperatures and positions. And Rolex’s own specifications require an even greater degree of regulation, with an average deviation of between -2 and +2 seconds per day. Our test watch met these high expectations on the timing machine and showed an average deviation of only +1 seconds. The rate remained in the range between 0 and +3 seconds in all six positions; accordingly, the greatest positional error was measured at only +3 seconds with a manageable amplitude drop between the horizontal and vertical positions.

Beloved, Desired, Unattainable

At $9,250, the steel GMT-Master II Pepsi is placed in the mid-level price range. There are more economical manufacture alternatives with a second time zone, as well as more expensive ones, but with regard to value retention, hardly anyone can compete with Rolex. Since June 2018, this new timepiece has been delivered in very limited numbers, and the few pieces that are resold through online auctions cost at least two times more than new. Demand exceeds supply to a huge degree. As the number of delivered watches rises, the prices for pre-owned watches are expected to fall somewhat, and we expect that the prices will more or less follow the trends of the GMT-Master II Batman, which is being sold at about 10 percent more than the new price, even with signs of wear. However, in the next few years, it will be difficult to buy a Pepsi from a licensed dealer since the waiting lists are already full.

Rolex has hit the bullseye with its new reissue of the blue-and-red GMT-Master II in steel. While the design has changed very little over the last 60 years, the watch has become a classic with a timeless look rather than merely vintage. The Jubilee bracelet is a good fit with the watch. Rolex has improved the technology within and provides even greater value with a longer power reserve. Functionally, Rolex offers more than most other manufacturers – from the bracelet extension to the time-zone-adjustment function, plus the highest levels of accuracy, legibility and wearing comfort. A transparent caseback would be a welcome addition. And it would be great if Rolex could deliver orders to everyone who says, “I’ll have a Pepsi, please!”

Rolex GMT-Master II 2018


Manufacturer: Rolex S.A., Rue François-Dussaud 3-5, 1211 Geneva, Switzerland
Reference number: 126710 BLRO
Functions: Hours, minutes, seconds, date, second time zone
Movement: In-house Caliber 3285, automatic, chronometer, 28,800 vph, 31 jewels, hack mechanism, date adjustment via jumping hour hand, Paraflex shock absorber, Glucydur balance with Microstella regulating screws, 70-hour power reserve
Case: Stainless steel 904L, flat sapphire crystal with Cyclops magnifier, no anti-reflective coating, screw-down Triplock crown, fully threaded caseback made of 904L steel, water resistant to 100 m
Bracelet and clasp: Jubilee bracelet made of 904L stainless steel with safety folding clasp and extension piece
Rate results, deviation in seconds per 24 hours:
Dial up: +3
Dial down: +1
Crown up: 0
Crown down: +1
Crown left: 0
Crown right: +1
Greatest deviation: 3
Average deviation: +1
Average amplitude:
Flat positions: 269°
Hanging positions: 249°
Diameter: 40 mm
Height: 12.1 mm
Weight: 154 g
Price: $9,250

No Responses to “Hands-On Review: Rolex GMT-Master II “Pepsi” Ref. 126710 BLRO”

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  1. Wayne silva

    My first Rolex was a gift in October 1967 a GMT. Since then, I have owned four GMTs. My newest GMT was bought
    9-23. I went for the red/blue bezel oyster bracelet. Weather you have / want a new GMT. Both bracelets are stunning tastefully done. What do you prefer, a Chevy or ford? They both do the job. Try on a new GMT, regardless of the colour of bezel. Just a piece of art work. I bought the new sub
    From my AD on 9/22 no question about it. The GMT is my favorite. Of course, when I’m working in the yard or wood shop. The watches sit on my nightstand.

  2. John Ryan

    $9250 , that’s comical. The market for the little guy is ruined.

  3. Yusoff Salleh

    What price rolex gmt master 2 pepsi ref126710 BLRO in singapore dollars?

  4. Piti Wongboonyakul

    Where is Rolex?
    Last time I visited a boutique in London, the guy said they are a museum.
    everything for show and not for sales!

  5. Big Boto

    Purchased a 2021 Pepsi 126710 BLRO, exactly like the one in the article, brand new from AD without any prior buying history. New customer. I paid Rolex Retail Price. I am Super Lucky!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  6. Wayne silva

    My first GMT bought in 1967 was $150.00
    Couldn’t buy much of a car for one fifty.
    Jump to 2021 at my AD the price is $9,700
    For that much I can buy one heck of a nice car. However, in spite of over ten grand with tax, I’m still buying one.

  7. inocencio

    I have a vintage GMT Master watch with ref 16753 and was released on 1979. But I noticed that the text on the GMT Master was not aligned on the center. Does it mean that it is fake? But I checked it and I was 100% sure that it was original.

  8. Willy Nilly

    Managed to acquire one from Rolex AD in 2019 at retail price, feel very privileged.

  9. Alex Kennedy

    can be buy on finance what is the interest rate can you let me know

  10. أنا بحب جدا الموديل ده GMT من رولكس ويعتبره أنجح موديل في رولكس .

  11. Roy Gray

    I jave worn the Pepsi since 2008. Everyday. Although i own several Rolex’s, it has been my favorite watch. The Pepsi is most recognizable by watch collector’s. I get offers at least weekly to part with this great watch. It remains totally original. I have the box and all provenance. I am guessing the “new” Pepsi will not affect the desire or value of my watch. True? I live in El Paso, TX. Within mere yards of the Mexican border. It is sought after by Mexicans. They can’t get them evidently. Do you see the value of the Pepsi as solid or should I consider offers of $10,000 or more? My cell is 915 328 4442. Thanks, Roy Gray

    • Bert Kanne

      April 2020 Swiss watch exports dropped about 80 percent. I would sell your GMT II now before prices possibly plummet. There are superb homages available for a fraction of the cost of the Rolex that I find just as enjoyable to wear.

  12. Wolf von Noorden

    Thank. you for this thoroughly reasearched and most professional report. I have enjoyed every line and the very clear pictures going with it. The Pepsi remains a superb Rolex product and one wonders what further updates Rolex technicians will develop after the the 3285 caliber. I know that Rolex produces as many exemplars as possible and it is not their fault that a grey market buys them up in quantities year-by-year. Here in Germany the latest Rolex price is 8490 EU while at Watchville the grey market offers unworne new Pepsis with all paraphernalia for 18000 to 19000 EU – and sells them. A shame indeed. Best regards to all, Wolf

  13. Kenny chai

    I really love this Rolex Pepsi but can’t get it because in Malaysia if you want this watch you need to get Approval from the AD boss even I had bought few watches from the AD.. Because of the resell value so the AD can earn more profit so they rather sell to the grey market than a regular customer. So sad.

  14. No way to get at retail price. Unless you buy some gold rolexes and ask if they have it.

  15. Antonio Ferreira

    Hi, I bought a GMT master II model 1997, it only weights 112,7 grs. All the rest seems ok. Could it be a fake, being so lightweight? Thanks in advance for an information. B.regards, A.F.

  16. Last night I walked into the AD at Foxwoods casino. Not only didn’t they have any Pepsi’s, they had no Subs of any kind, and no GMT’s at all. One Milgauss was about the only SS ‘sports watch’ they had. Pitiful.

    • Are you really surprised? Can you not read? This article explained that the demand for these watches has outstripped supply, so unless you have a good relationship with a retailer you aren’t going to get one. Why is that so hard for you to comprehend when it’s written on the page in front of you?

  17. Blaine Cole

    I am relatively new to watch collecting and still developing an opinion regarding Rolex. Sensible dimensions, a beautiful bezel and bracelet. I find the most impressive feature of this watch to be the measured daily rate.

  18. Ron Quinn

    Why bother giving press to a watch that is basically unobtainable through AD’s and is fueling a ridiculous grey market for these watches. It would be nice if the press went silent on Rolex until they fix their distribution/supply vs demand issues.

  19. These days, walking into a Rolex AD is an exercise in disappointment. Nothing that you really want is there.

  20. Bought mine at my AD in Texas at $9250, also have a batman and an early 80’s Pepsi I inherited from my father. I’ve got to say the watch is amazing extremely comfortable with the júbile bracelet. Great article really enjoyed reading and getting a bit more detail from this new acquisition, will not be taking it off any time soon.

  21. Beautiful watch, frequently reviewed and advertised everywhere yet completely unatainable. Wish Rolex would increase the output of this watch since it’s such a hit but very disappointing that there’s no chance of getting one at an AD for probably years! I see it going for double list price on grey market but seems silly to pay that price for this watch in steel!

  22. Nivlem boston

    Is there any branch here in the phillipines that have this gmt master II? ive been looking around most of the branches but none stock of this at all…ty

  23. Nasir Bashir

    Merry Christmas
    I wanna buy this but I want to know all information about the watch,this is new or used? And there is white gold or no?
    Thank you
    And happy holidays

  24. Dianne Locklear

    Love the watch. If I wanted to purchase this watch, how would I go about it. Thanks.

  25. Ben Nguyen

    Hi. Mr Koch
    Please can you advice me on how I can get hold of one of these GMT 2 at the rrp $9250 and not the mark up price!!….Its a pleasure to read your review but there is no point if I can’t purchase one. Also, why is Rolex not producing enough of these watches so people can actually purchase them instead of holding back and getting rip off with these ridiculous prices that these non Rolex dealers are charging.

    Kind regards
    Ben Nguyen

  26. Terry Stevens

    I have never seen the $9250 price on this watch… Always more! About 15K

  27. What year did Rolex include the continuous Rolex lettering around the outside of the dial?

  28. Great review on a great timepiece. I’m more than happy with my BLNR. I would like to add the BLRO when time permits from my AD at MSRP

  29. Osten thak Anderson

    Rolex play silly games, I would have bought the new gmt Pepsi, but I’m not paying over the odds for one, so I will buy omega instead, at the end of the day its just a watch.

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