Rolex GMT Master II "Pepsi" Watch Review
Mike | Founder, Biel Watches
Mar 21, 2022
One of my favorite parts of running a watch business is getting to spend real time with everything that comes through the shop. One I was genuinely excited to wear was a 1998 Rolex GMT Master with the Pepsi bezel. A local customer traded it in toward a newer no-date Rolex Submariner. I had big plans for that GMT, but one Instagram post later we had a buyer, so it was gone about as fast as it arrived.
Lucky for me, we just took in a pre-owned Rolex GMT Master 2 "Pepsi" (ref. 16710), and this time I made sure it got some wrist time before it moved on so I could do a proper review. 
QUICK HISTORY LESSON
GMT stands for Greenwich Mean Time (aka UTC, Coordinated Universal Time). It's used mostly for aviation, weather forecasts and schedules. Rolex built the GMT Master for Pan Am Airways, back when flights in the 40s and 50s started covering much longer distances.
The GMT Master let you reference two different time zones.
You could set the watch to UTC or any other zone you liked, and the fourth hand handled the 24-hour display. The rotating bezel then set the second time zone.
The GMT Master II (ref 16760), also known as the "fat lady", arrived in 1983. Here's the interesting part: the GMT Master II didn't replace its predecessor, since the GMT Master kept being produced, with modifications, until 1999. The main differences on the GMT Master include the caliber 3075 movement, which allows for quick-set date and hacking seconds. The GMT Master II looks a lot like its predecessor, with the main differences being a thicker case (hence the nickname) and the ability to adjust the hour hand in one-hour increments without disturbing the minute, second or 24-hour hand. The GMT Master II also has a rotating bezel, so you can reference a third time zone.
The history of the GMT Master II runs a lot deeper, but today we're reviewing a Rolex "Pepsi" GMT Master II from 2001.
ON THE WRIST
Quick bit of context: I have larger wrists, somewhere around the 8 to 8.15" range. That tends to pull me toward larger watches. Even so, the GMT Master II at 40mm wears well on my wrist as long as it comes fully-linked.
Living somewhere with pretty extreme temperature swings, I find the older-style Rolex bracelets come up a little short on micro-adjustment. I'll sometimes slide the watch up or down the wrist to account for any swelling when things warm up. I was a bit spoiled wearing a Rolex no-date Submariner (reference 114060) with the quick-adjust bracelet, so maybe that's why it's on my mind. In all honesty, that's the only thing I could even remotely complain about. This watch wears really well, and I found it holds its own whether I'm dressing up or down.
The aluminum "Pepsi" bezel has a fine patina just starting to show on the red, giving this one a vintage feel you simply can't get from the newer ceramic bezels. I can picture this watch looking absolutely killer on a leather strap. Of everything with us right now, this is the one I keep reaching for.
FUNCTIONALITY
I'm more of a homebody, so the GMT function, while ready for the world, is honestly more than I need out of a watch. So I just keep the GMT hour hand lined up with 24-hour military time. The updated movement makes setting the time a breeze if I ever let the power reserve run down.
FINAL THOUGHTS
Both price and demand for Rolex watches have climbed hard in recent years. Honestly, it makes sense on a few levels why someone would want one. Whether you're a watch enthusiast or an investor, there's a good chance you can wear one and still come out on top... over time.
The pre-owned market for Rolex is thriving too, and as a result both new and used Rolexes keep growing in value. The way I see it, these are tool watches. I know not everyone is flying a plane, traveling or scuba diving, so the "tools" inside this one may not get put through their paces. What I mean is that watches are meant to be worn and enjoyed. If it holds its value, or climbs even, that's just gravy.
Like this article? Feel free to leave a comment below and let me know how I'm doing. Click Here if you'd like to own this particular Rolex GMT Master II.
SPECS
BRAND: Rolex
MODEL: GMT Master II
REFERENCE: 16710
CASE DIAMETER: 40mm
CASE MATERIAL: Steel
CRYSTAL: Sapphire
MOVEMENT: 37147
YEAR OF PRODUCTION: 2001 approx.
POWER RESERVE: 40 hours approx.
FUNCTIONS: Date, GMT, Luminous numerals & hands, and Rotating bezel.
Founder, Biel Watches
Mike is the founder of Biel Watches, where he helps collectors buy, sell, and source authenticated Rolex, Patek Philippe, Audemars Piguet, and Vacheron Constantin. He would rather have a real conversation than make a quick sale, and it shows in how his clients keep coming back.
