Why the Rolex GMT-Master II “Pepsi” is the only steel Rolex I’d pay over retail for

Jason Lee

Rolex makes some of the most consistently well‑designed watches in the industry. But after living with multiple contemporary references, I’ve come to a simple, divisive conclusion: in the current catalogue, Rolex feels most “worth it” to me in precious metal. The weight, the warmth, the way the light plays off the case and bracelet—gold delivers a sensory payoff that lines up with the price. By contrast, the experience of modern stainless steel can, over time, feel a little underwhelming relative to the cost and the hype. There is, however, one notable exception that upends my own rule: the stainless steel GMT‑Master II “Pepsi” ref. 126710BLRO.

This is not a universal truth; it’s a personal one. But it’s grounded in day‑to‑day use rather than display‑case impressions. Here’s how I got there.

When the shine wears off

Let’s start with the most obvious counterpoint to my thesis: the steel Daytona. On paper, the current 126500LN is a triumph. The proportions have been refined, the bezel framing adds crispness, and the design language remains one of Rolex’s most coherent. On the wrist, it looks excellent. And yet, after the initial novelty, the sheen of the steel began to feel—relative to the asking price and the market premium—oddly inexpensive to me. Not bad, not poorly made (far from it), but somehow out of step with the cost once the honeymoon period faded.

That disconnect ultimately led me to sell my black‑dial 126500LN. The watch never failed visually; it just didn’t sustain the tactile and material satisfaction I expect at that level. I suspect I’m not alone in experiencing this dissonance. Stainless steel Rolex references—Daytona included—are the axis on which modern hype spins. But hype doesn’t change how steel feels after a year of scuffs, strap changes, and normal life.

In precious metal, the calculus changes. The added mass of gold gives you an immediate, measurable difference every time you pick up the watch. Edges feel richer, transitions between brushed and polished surfaces read as deeper, and the bracelet’s drape gains an unmistakable fluidity. This isn’t about status. It’s about congruence between price and experience. In gold, Rolex’s famously robust construction is matched by a material that broadcasts luxury on contact. Whether in yellow, white, or Everose, the metal amplifies everything the brand already does well.

The Pepsi exception

All of that said, the steel GMT‑Master II “Pepsi” ref. 126710BLRO broke my pattern. It’s the only current stainless steel Rolex I’ve worn that continues to feel satisfying long after the new‑watch glow fades. Two dynamics do the heavy lifting here: design cohesion and visual balance. First, the Pepsi’s ceramic bezel in red and blue dominates the watch’s identity. It pulls focus in a way that resets how you read the case and bracelet. The colour split isn’t just nostalgic; it’s architectural. It frames the dial, punctuates the hour, and lends the watch a sense of purpose that many monochrome references can’t match. Crucially, the bezel’s glossy ceramic surface brings its own “luxury shine,” so the steel doesn’t have to carry that burden alone.

Second, the case‑bracelet‑bezel relationship is unusually harmonious. I’m generally not a fan of the chunkier modern proportions often described as “maxi”—especially on the Submariner, where the lugs can dominate the watch’s stance. On the Pepsi, the same assertiveness reads as deliberate and well‑judged. The Jubilee bracelet softens the geometry, introduces fine‑grained texture, and visually narrows the watch across the wrist. Those closely spaced links catch and diffuse light, offsetting the case’s mass while playing elegantly with the bezel’s gloss. The result is a watch that feels integrated in motion, not just assembled.

What I found, wearing the Pepsi over time, is that the “steel feels cheap” criticism never surfaced. The watch’s visual centre of gravity is the bezel, and the Jubilee supplies a secondary focal point. The steel case becomes the quiet mediator that binds them. You still get the Rolex hallmarks—sharp case lines, a precise crown action, a solid clasp with on‑the‑fly micro‑adjustment—but they now support a broader aesthetic story rather than trying to be the story.

This balance extends to everyday practicality. The GMT complication is genuinely useful, and the bicolour bezel does more than nod to history; it helps you parse time zones at a glance. The watch wears flat and secure, distributing weight evenly. In steel, that comfort is amplified—no end‑of‑day fatigue, even on long travel days. All of that utility feeds back into perceived value.

A note on the grey market premium

Would I pay over retail for a steel Rolex? In almost every case, no. The combination of supply dynamics and social media momentum has distorted price‑to‑experience across the board. The Pepsi is my lone exception. If you are committed to a single stainless steel Rolex that will continue to deliver interest and satisfaction over the years, and if the GMT function suits your life, the Pepsi can justify a premium in a way its peers struggle to match. That is not an investment prediction; it’s a wearability argument. The Pepsi turns the “shine” conversation into a design conversation, and that shift is what preserves its appeal long after the queue moves on to the next scarce reference.

Closing thoughts

Rolex in gold feels complete: the physical sensation, the visual richness, the way the bracelet falls across the wrist—everything aligns with the price and the promise. Modern stainless steel, even on icons like the Daytona, can sometimes leave that alignment just a few degrees off once the newness has worn away. The GMT‑Master II “Pepsi” is the exception that proves the rule. Its colour, its bracelet choice, and its proportions create a self‑contained ecosystem in which the steel doesn’t need to overperform. It simply does its job while the design does the talking.

If you’re contemplating where to concentrate your budget, the hierarchy I’ve arrived at is simple. For a Rolex that feels “worth it” every time you pick it up, go for precious metal. If steel is non‑negotiable and you’re considering a premium above list, make it the Pepsi. Years from now, when the trends have cycled and the lists have changed hands, you’re still likely to look down at that red‑and‑blue bezel, the articulate Jubilee, and the quietly confident case between them—and feel you paid for a complete experience, not just a moment.