Rolex GMT-Master II “Pepsi” 40mm Black Dial Red & Blue Cerachrom Bezel Oyster Bracelet 126710BLRO | 2023 Full Set

Seven Decades of the World’s Most Iconic Travel Watch Bezel

Few objects in watchmaking carry the weight of history that the red-and-blue Pepsi bezel does. The story begins in 1954 — the year Rolex delivered the first GMT-Master to Pan American World Airways for its crews operating the world’s first transatlantic jet passenger service. The watch featured a two-colour 24-hour bezel: red for daylight hours, blue for night — a navigation tool designed to allow pilots to read home and destination time simultaneously at a glance, and to immediately identify whether it was day or night at either location. The red and blue were Pan Am’s own colours. For the next several decades, the Pepsi bezel defined the GMT-Master across successive generations until Rolex shifted to black-and-blue and black bezel configurations in later references. Then, in 2018, at Baselworld, Rolex did what no one had quite expected: it brought the Pepsi back — not in aluminum, not in anodized metal, but in modern Cerachrom ceramic — and launched it on the new reference 126710BLRO. The response was immediate and overwhelming. The Pepsi GMT has since become one of the most discussed, most desired, and most consistently above-retail watches in the entire contemporary Rolex catalog. This 2023 full-set example on the Oyster bracelet represents the most sport-oriented and purist configuration of the reference available.

The Oyster Bracelet Configuration — The Purist’s Choice

A critical detail about the 126710BLRO that every serious buyer should understand: when the reference launched in 2018, Rolex paired it exclusively with the Jubilee bracelet. The Oyster bracelet option was re-introduced in 2021 — and for a meaningful segment of collectors and wearers who prefer the GMT’s sporting, tool-watch character to remain undiluted, the Oyster bracelet is the preferred configuration. Its three-link construction delivers a broader, more robust wrist presence and a more angular, purposeful profile than the five-link Jubilee, connecting the 126710BLRO directly to the legacy of the original Pan Am pilot’s watch — a professional instrument first, a luxury object second. The Oyster bracelet closes with the folding Oysterlock safety clasp and Easylink 5mm comfort extension for quick tool-free adjustment, and its three-piece flat link construction in 904L Oystersteel sits solidly and securely on the wrist across any activity from boardroom to long-haul flight.

904L Oystersteel Case — Purpose-Built and Precision-Engineered

The 40mm Oyster case is crafted from Rolex’s proprietary 904L stainless steel — a high-corrosion-resistant alloy delivering a deeper, more reflective polish than the 316L steel used by most competing manufacturers, and resistant to surface degradation across decades of active wear. The case features the characteristic interplay of satin-brushed flat surfaces and mirror-polished sides, with steel crown guards flanking the signed screw-down Triplock triple-waterproofness crown — the same robust three-gasket crown system found on the Submariner, delivering 100 meters of water resistance and a level of environmental sealing that more than covers any scenario a traveling wearer will encounter. A scratch-resistant sapphire crystal with Cyclops magnifying lens sits over the dial and date window, and the solid screw-down caseback seals the movement inside. The case measures 12mm in depth — slim enough to clear a shirt cuff cleanly while still communicating the substantial tool-watch presence appropriate to the GMT-Master II’s professional heritage.

The Red and Blue Cerachrom “Pepsi” Bezel — Seventy Years of History in Ceramic

The red-and-blue Cerachrom ceramic bidirectional bezel of the 126710BLRO is technically the most challenging bezel Rolex produces: creating a two-colour ceramic insert requires manufacturing two separate pieces in different colours, bonding them at the precise midpoint, and firing them together at extreme temperatures to produce a seamless, single-piece insert with no visible transition joint, adhesive, or mechanical fastener. The result is pure ceramic throughout — the red half and the blue half are one continuous piece of material, as structurally unified as if they had been fired from a single compound. The bezel material itself is virtually scratchproof, completely corrosion-resistant, and entirely unaffected by UV exposure — meaning the vivid, saturated red and deep navy blue of this bezel will look identical in fifty years as they do today. The ceramic bezel should have a perfect red and blue transition, not faded or uneven, and this example presents exactly as expected. The 24-hour graduation scale numerals and markers are moulded into the ceramic surface and filled with white gold-tone PVD, making them as permanent as the bezel itself. The ceramic red and blue replication of the original aluminum Pepsi bezel is a flawless modern interpretation of the most storied color combination in all of GMT-Master history — and the Pepsi bezel on a steel GMT-Master II remains nearly impossible to purchase at retail for several compelling reasons: Rolex produces fewer GMT-Master II models than Submariners, the Pepsi bezel is one of the most recognizable watch designs ever created, and collector demand consistently and significantly outpaces authorized dealer supply.

The Black Chromalight Dial with Red GMT Hand

The black dial ensures optimal legibility, featuring the brand’s signature Chromalight display — applied white gold dot and baton hour markers filled with Chromalight luminescent material that emits a distinctive, intense blue glow in darkness — combined with Chromalight-filled Mercedes-style hands for the regular timekeeping display. The signature element that immediately identifies this as the Pepsi configuration rather than the Batman is the arrow-tipped GMT hand: finished in red, it mirrors the red half of the ceramic bezel above and circles the dial once every 24 hours to display the reference or home time zone. Reading the GMT hand against the 24-hour scale on the bezel immediately tells the wearer whether it is day or night at any second time zone on earth — the same function Pan Am’s pilots relied on in 1954, executed today with a precision and reliability that would have been unimaginable then. The date is displayed at 3 o’clock beneath the Cyclops magnifying lens, and the Rolex-engraved rehaut runs the full inner circumference of the watch for authentication and design refinement.

The GMT Complication — Three Time Zones in a Single Glance

The GMT-Master II’s complication remains the most practically useful travel function in all of sport watchmaking. The local hour hand can be adjusted forwards or backwards in one-hour increments independently of the minute and seconds hands — crossing a time zone requires nothing more than pulling the crown and rotating the hour hand without stopping the movement, disrupting the seconds, or affecting the red GMT hand’s reference time display. Together with the bidirectional ceramic bezel, this gives the wearer simultaneous, instant access to three distinct time zones — local time on the hour and minute hands, reference time on the red GMT hand and bezel, and the date at 3 o’clock — covering the complete informational needs of any international traveler in a single wrist glance from across a meeting table.

Powered by Caliber 3285 — Rolex’s Finest GMT Movement

The Caliber 3285 is the most technically advanced movement Rolex has ever produced for the GMT-Master II, featuring the patented Chronergy escapement machined from nickel-phosphorus for approximately 15% greater energy efficiency than a conventional Swiss lever escapement, combined with outstanding magnetic field resistance. The blue Parachrom hairspring, made from a proprietary zirconium-niobium alloy, is virtually unaffected by temperature fluctuations, shocks, or magnetic interference, and Paraflex shock absorbers provide additional structural resilience. The movement operates at 28,800 vibrations per hour with 31 jewels, delivers a 70-hour power reserve, and carries Rolex’s Superlative Chronometer certification for accuracy of -2/+2 seconds per day after casing — twice as strict as standard COSC requirements. A paramagnetic blue Parachrom hairspring with high-performance Paraflex shock absorbers ensures the movement keeps perfect time whether the watch is resting in a drawer, strapped to the wrist of a frequent traveler across multiple time zones, or bumped against a departure gate at 35,000 feet.

Condition & What’s Included

This 2023 example is in very good condition and comes as a full set with original Rolex box, papers, and all accompanying documentation. Authenticity is fully guaranteed on every watch sold through The Crown Collection Watch, and this listing comes with a 21-day refund policy for complete peace of mind.

Shipping & Payment

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Why This Reference Stands Out

The Rolex GMT-Master II 126710BLRO Pepsi sits alongside the Daytona and Submariner as one of the most sought-after steel Rolex watches on the secondary market, with its iconic red and blue ceramic bezel, aviation heritage, and extremely limited retail availability making it one of the most consistently discussed timepieces in the modern luxury watch world. Since its re-launch in 2018, the 126710BLRO price has consistently traded well above retail, with strong collector demand and global recognition that has never wavered. The Oyster bracelet configuration specifically — re-introduced in 2021 and preferred by collectors who want the tool-watch aesthetic of the GMT in its purest expression — commands a specific and appreciative buyer base. At $18,400 for a 2023 full-set example in very good condition, this listing represents one of the most compelling acquisitions currently available for one of the most historically significant and universally recognized watches Rolex produces.