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Few Rolex rumors spread faster than whispers about the GMT-Master II “Pepsi.” It happens almost every year. Someone claims production is ending, Reddit lights up for a week, gray-market prices twitch upward, and then everything settles back down again.

Over the last couple of months, collectors started noticing something odd: several replica Rolex authorized dealers quietly removed blue-and-red GMT-Master II models from their websites entirely. Not just the stainless steel ref. 126710BLRO, either. White-gold Pepsi variants appeared to vanish too.

That immediately got people talking.

Anyone who’s spent time chasing a steel Rolex sports model already knows how strange the buying process has become. Walking into a boutique and casually buying a Daytona or Pepsi GMT off the shelf? For most people, that simply doesn’t happen anymore. There’s an unspoken understanding that purchase history matters — sometimes a lot.

Still, dealer websites removing every Pepsi configuration at once is unusual enough to raise eyebrows.

Watch-focused outlets like Time + Tide and Wrist Enthusiast both picked up on the story recently after collectors began sharing screenshots and conversations with authorized dealers online. According to several anecdotal reports, some ADs have apparently stopped taking new expressions of interest for the steel Pepsi altogether.

That doesn’t necessarily confirm a discontinuation. Rolex almost never comments publicly on this sort of thing. In fact, every Pepsi GMT reference still appears on the official Rolex GMT-Master II catalog as of now.

And honestly, that’s part of what makes the situation so confusing.

The Rumor Isn’t New — But the Timing Feels Different

Collectors have been predicting the death of the modern Pepsi ever since Rolex reintroduced it in stainless steel back in 2018.

One popular theory claimed the red-and-blue Cerachrom bezel was difficult to manufacture consistently. Maybe there’s some truth there. Ceramic production at Rolex’s scale is incredibly demanding. Then again, plenty of enthusiasts suspect the story became popular simply because some collectors never loved the slightly violet-blue tone Rolex chose for the bezel in certain lighting.

Either way, Rolex has never acknowledged production issues publicly.

What makes this year’s speculation more convincing is the consistency of the dealer-site removals. Models like the “Batman,” “Sprite,” and “Root Beer” GMTs remain widely displayed, while Pepsi references seem to have disappeared almost entirely from some AD catalogs.

Here’s a quick breakdown of what collectors are tracking right now:

Even so, there’s still reason for skepticism.

Pricing data from Chrono24 hasn’t exploded the way you’d expect if insiders truly believed the Pepsi was gone for good. Values have risen modestly, but nothing close to the frenzy surrounding genuinely discontinued Rolex references in the past.

And Rolex collectors — maybe more than any other enthusiast group — love a rumor.

Rolex Has Done This Before

As strange as it sounds, discontinuing an enormously popular watch wouldn’t actually be unprecedented.

Back in 2021, Patek Philippe shocked the industry by ending production of the stainless steel Nautilus 5711, arguably the single most hyped luxury sports watch in the world at the time. Demand had grown so intense that the watch almost overshadowed the rest of the brand.

Rolex may not want a single GMT reference dominating the conversation forever either.

Then again, fake Rolex tends to move cautiously. The company rarely makes abrupt changes unless it has a long-term replacement strategy already planned out. Some collectors think a redesigned Pepsi could appear instead of a full cancellation. Others are hoping — maybe unrealistically — for the return of the black-and-red “Coke” GMT.

That possibility alone is enough to keep forums busy for months.

Watches and Wonders Could Reveal Everything

If Rolex is planning a major GMT shake-up, the most likely moment for confirmation would be during Watches and Wonders Geneva.

That’s traditionally when Rolex refreshes its catalog and quietly retires outgoing references. No dramatic farewell announcements. Sometimes a watch is simply… gone.

And if the Pepsi does disappear, it probably won’t stay absent forever. Rolex knows exactly how important the model is historically.

The original GMT-Master became tied to international travel during the jet age, and the blue-and-red bezel eventually turned into one of the most recognizable color combinations in modern watchmaking. Even people who know almost nothing about watches can usually identify a “Pepsi” Rolex instantly.

That kind of recognition is hard to walk away from permanently.

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Meanwhile, Another Wild Rolex Story Appeared

As if the Pepsi rumors weren’t enough, another GMT-Master II recently surfaced that pulled attention in a completely different direction.

And honestly, this one feels almost surreal.

Wind Vintage recently listed an extraordinarily rare Rolex GMT-Master II ref. 116758SANR — a yellow-gold, gem-set off-catalog piece originally produced around 2006.

Calling it flashy barely covers it.

The bezel features 36 baguette diamonds and 12 black sapphires, including a triangular sapphire marker used to track a third time zone. Diamonds continue across the lugs and crown guards as well. It’s the sort of Rolex that feels less like a tool watch and more like rolling stage lighting strapped to the wrist.

And yet, that’s exactly why it matters culturally.

Because this isn’t just any 116758SANR.

It’s the same watch worn by Drake on the cover of the album Take Care — one of the defining rap albums of the 2010s. The record spent hundreds of weeks on the Billboard 200 and won Best Rap Album at the 55th Grammy Awards.

Oddly enough, the watch apparently wasn’t even part of Drake’s personal collection long term. According to the listing, it originally belonged to someone connected to his early circle.

There’s also an engraved OVO owl on the caseback, which pushes the provenance into another category entirely. At that point, you’re not just buying a rare replica Rolex. You’re buying a strange little piece of music history too.

Wind Vintage is reportedly asking around $500,000 for the full package, which also includes memorabilia tied to the Take Care era.

Will it actually sell for that amount? Hard to say. Provenance-driven collecting can be unpredictable. Sometimes buyers pay astonishing premiums for cultural relevance. Other times the market shrugs.

Still, it’s difficult not to admire how bizarre and specific modern watch collecting has become.

A discontinued Pepsi rumor on one side of the hobby. A half-million-dollar Drake GMT on the other.