Rolex Discontinues Iconic Pepsi GMT-Master II and Cookie Monster Submariner Date in 2026 Shake-Up

GENEVA — Rolex has officially discontinued two of its most coveted modern models — the stainless steel and white gold “Pepsi” GMT-Master II references and the white gold “Cookie Monster” Submariner Date — confirming long-standing rumors as the Swiss watchmaker refreshed its lineup for Watches and Wonders 2026.

The news broke Tuesday as Rolex updated its website and informed authorized dealers that production of the legendary blue-and-red bezel GMT-Master II (ref. 126710BLRO in Oystersteel and ref. 126719BLRO in white gold) and the blue-ceramic-bezel Submariner Date (ref. 126619LB) has ended. The models vanished from the official Rolex configurator and dealer inventories during the annual product refresh coinciding with the Geneva watch fair.

Rolex has not issued a formal statement explaining the decision, a common practice for the secretive brand. Industry observers interpret the move as part of Rolex’s regular rotation of references to maintain exclusivity, manage production capacity and introduce fresh designs. The “Pepsi” GMT-Master II, in particular, had enjoyed a 12-year run in its current form since its 2018 revival, making it one of the longest-serving recent iterations of the travel watch.

The steel Pepsi GMT-Master II, with its iconic red-and-blue Cerachrom ceramic bezel, black dial and either Oyster or Jubilee bracelet, retailed for around $10,700–$11,800 depending on the bracelet. On the secondary market, it commanded significant premiums, often trading between $20,000 and $25,000 or more in recent months as discontinuation rumors intensified. The white gold version, featuring a meteorite or blue lacquer dial, carried a much higher retail price of approximately $52,000 and traded lower on the grey market due to limited demand for precious-metal sports watches.

The “Cookie Monster” Submariner Date, introduced around 2020 in 18K white gold with a matching blue ceramic bezel and black dial, retailed for $52,100. It earned its playful nickname from the vibrant blue bezel reminiscent of the Sesame Street character. Like many white gold Rolex sports models, it traded at a discount on the secondary market, sometimes as low as $35,000, reflecting softer collector appetite compared to steel equivalents.

The discontinuations come as Rolex unveiled its 2026 collection at Watches and Wonders. While the brand did not introduce a direct “Coke” bezel replacement (red-and-black) for the GMT-Master II as some had speculated, the lineup now features other GMT variants, including the popular “Batman” (black-and-blue) on Oyster bracelet. Rumors of a larger 41mm GMT case or ceramic dial updates for the collection remain unconfirmed, with some insiders suggesting Rolex may be preparing a broader refresh of the GMT platform in coming years.

Watch enthusiasts reacted swiftly on social media and forums. Prices for remaining Pepsi GMT-Master II examples on the secondary market spiked further Tuesday, with some dealers reporting immediate interest and offers climbing several thousand dollars within hours of the news. “The Pepsi is dead — again,” quipped one Hodinkee headline, referencing the model’s previous discontinuation and revival cycles over decades.

Rolex’s approach to discontinuations is strategic. The brand typically produces watches in limited annual volumes to preserve desirability and control waiting lists that can stretch years for steel sports models. By rotating references, Rolex creates scarcity that fuels both brand prestige and a robust pre-owned market. Collectors often view discontinuation as a signal to buy while supplies last or to seek out discontinued pieces as future classics.

The Pepsi GMT-Master II traces its roots to the 1950s, when the original GMT-Master helped Pan Am pilots track multiple time zones. The red-and-blue “Pepsi” bezel became an instant classic, evoking the airline’s livery. Modern ceramic versions eliminated the fading issues of earlier Bakelite and aluminum bezels, making the watch more durable and collectible. Its dual-time functionality, robust 100-meter water resistance and versatile 40mm case cemented its status as a favorite among travelers, pilots and everyday enthusiasts.

The Cookie Monster Submariner represented a bolder, more luxurious take on the iconic dive watch. The white gold case paired with the bright blue Cerachrom bezel offered a striking contrast to traditional steel Subs or the all-gold “Smurf” predecessor. While less universally popular than steel Submariners, it appealed to collectors seeking something distinctive in the Submariner lineup.

Industry analysts note that Rolex’s 2026 moves align with broader trends. The brand has increasingly emphasized precious metals and complicated pieces in recent years while carefully curating its core sports watch offerings. Production challenges with complex ceramic bezels, particularly the two-color Pepsi design, have been cited in rumors as one factor behind the timing, though Rolex has never confirmed manufacturing difficulties.

For authorized dealers, the news means redirecting client expectations. Many had long waiting lists for the steel Pepsi; those lists are now closed or shifted toward available models like the Batman GMT or classic Submariner Date. Grey market dealers anticipate stronger demand and potentially higher markups for remaining inventory in the short term.

Longer-term implications remain uncertain. Rolex has revived discontinued references in the past, sometimes with updated movements or minor tweaks. Some observers speculate a future “Coke” GMT-Master II or an entirely new bezel colorway could eventually return to fill the gap left by the Pepsi. Others predict the GMT collection may see a case size update or new dial options in the next cycle.

The secondary market reaction underscores Rolex’s cultural power. Even without production, the discontinued Pepsi and Cookie Monster will continue trading among collectors, with well-preserved examples likely holding or appreciating in value as “last of the line” pieces. Vintage Pepsi GMTs from earlier eras already command six-figure sums at auction; modern discontinued references often follow a similar, if less dramatic, trajectory.

Rolex enthusiasts have mixed emotions. Some lament the loss of a modern icon and worry about shrinking options in the steel GMT segment. Others see opportunity, viewing the news as a chance to acquire examples before prices stabilize higher. Forum discussions Tuesday ranged from conspiracy theories about production issues to optimistic predictions of exciting replacements at future Watches and Wonders events.

As the dust settles on the 2026 announcements, the discontinuations serve as a reminder of Rolex’s deliberate scarcity strategy. The brand famously produces far fewer watches than demand would support, ensuring its timepieces retain aura and resale strength. For many collectors, the end of a reference marks not just loss but the beginning of its legend in the pre-owned world.

Whether the Pepsi GMT-Master II returns in a new form or remains a chapter in Rolex history, its blue-and-red bezel has left an indelible mark on modern horology. The Cookie Monster Submariner, though shorter-lived in the lineup, added a splash of personality to the dive watch canon.

Watch collectors worldwide will now scour dealer inventories and auction sites for remaining examples while keeping a close eye on what Rolex unveils next. In the rarefied world of luxury timepieces, few events generate as much excitement — or market movement — as the quiet removal of an icon from the catalog.