Rolex’s Highly Popular ‘Pepsi’ Model Soars in Secondary Market

One of Rolex’s most popular models — the steel GMT Master II, with a red-and-blue “Pepsi” bezel — is soaring in the secondary market ahead of a key watch industry annual event amid speculation it’s been discontinued.

Watches and Wonders, a fair that draws collectors from all over the world and has well over 60 brands on display, is being held in April in Geneva, with what Rolex might bring to the party getting most of the attention. Speculation about the famous Pepsi model is rife, and purchase requests for it have surged more than 500% over the 2025 average in the first week of March, according to watch-trading platform Chrono24.