The Rolex GMT-Master II “Pepsi” Ref. 116719BLRO is one of Rolex’s most visually striking watches — the blue-and-red ceramic bezel GMT introduced in 2014 in white gold, and later in steel with the landmark Ref. 126710BLRO in 2018. The Pepsi bezel is one of watchmaking’s most iconic colour combinations and the 116719BLRO represents its modern pinnacle.
The Pepsi Heritage: 1955 to Today
The “Pepsi” nickname comes from the blue and red bezel insert that Rolex first used on the original GMT-Master Ref. 6542 in 1955. Pan American World Airways pilots — for whom the GMT-Master was originally developed — used the red/blue bezel to differentiate day (blue) from night (red) hours on the 24-hour ring. The Pepsi colourway became an instant classic.
For decades the Pepsi bezel was made from aluminium — which fades and scratches over time. In 2014, Rolex achieved something technically challenging: a two-colour Cerachrom ceramic bezel in blue and red, achieved by firing the ceramic in a two-stage process. The Ref. 116719BLRO was the first to carry it, in an 18k white gold case.
Ref. 116719BLRO: The White Gold Pepsi
| Specification | Detail |
|---|---|
| Reference | 116719BLRO |
| Production | 2014–2018 |
| Case Material | 18k white gold |
| Case Size | 40mm |
| Bezel | Blue/red Cerachrom ceramic |
| Dial | White (meteorite also available) |
| Movement | Calibre 3186 |
| Water Resistance | 100m |
How the GMT Function Works
The GMT-Master II displays four pieces of time information simultaneously. The main hour and minute hands show local time. An additional 24-hour hand (in red/orange on most Pepsi variants) points to a 24-hour scale on the bezel, showing a second time zone. The date is displayed at 3 o’clock. The key advantage of the GMT-Master II over the original GMT-Master: the local hour hand can be set independently of the movement, in one-hour increments, without stopping the watch.
The Steel Pepsi: Ref. 126710BLRO (2018)
At Baselworld 2018, Rolex dropped arguably the most anticipated watch reveal of the decade: a Pepsi GMT-Master II in stainless steel — the Ref. 126710BLRO. This had been impossible to achieve previously because two-colour Cerachrom at 904L steel price points was thought unviable. When it arrived, it caused a sensation. Waitlists at authorised dealers stretched years. The grey market premium spiked immediately above 100% of retail.
The steel Pepsi uses the updated Calibre 3285 (the 116719 used Cal. 3186), features the new Jubilee bracelet option alongside the Oyster, and has the larger 40mm case of the 126 generation. It remains one of the hardest Rolex watches to buy at retail.
Market Values 2026
| Reference | Material | Pre-Owned (2026) |
|---|---|---|
| 116719BLRO | White gold | $30,000–$40,000 |
| 126710BLRO | Steel (Oyster) | $18,000–$24,000 |
| 126710BLRO | Steel (Jubilee) | $19,000–$26,000 |
Verdict: The Ultimate Traveller’s Watch
The Rolex GMT-Master II Pepsi is the perfect marriage of function and icon. For frequent travellers it is genuinely useful — tracking two time zones simultaneously without fuss. For watch enthusiasts, the blue-and-red Cerachrom bezel is one of the most beautiful objects Rolex has ever produced. The white gold 116719BLRO is the purist’s choice; the steel 126710BLRO is the pragmatist’s dream. Either way, you are wearing a piece of horological history.
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