Rolex GMT-Master 16700 ‘Pepsi’

Produced between 1988 and 1999, the Rolex GMT-Master 16700 represents the final chapter of the original GMT-Master line before it evolved into the GMT-Master II. It bridges two eras in Rolex history, the tool-watch practicality of the 1950s aviation roots and the modern GMT Masters of today. With its bi-colour blue and red bezel “Pepsi” insert, the reference is a sought after model.

Origins of the GMT-Master Line

The GMT-Master began in 1954 when Rolex developed the reference 6542 in partnership with Pan American Airways. The rise of intercontinental travel demanded a watch capable of displaying multiple time zones simultaneously. The solution was elegant: an additional 24-hour hand combined with a rotating bezel marked for 24 hours. Pilots could easily track home and destination times at a glance.

Over the following decades, the design evolved through the references 1675 and 16750, both of which improved durability and legibility while preserving the dual-time function that made the watch indispensable for aviators and travellers. By the late 1980s, Rolex was ready to introduce the final iteration of the single-timezone GMT-Master, the 16700.

Evolution and Position in the Range

When it arrived in 1988, the GMT-Master 16700 was launched alongside the GMT-Master II 16760. The latter allowed the independently adjustable hour hand, a technical leap forward. Yet Rolex continued to produce the simpler GMT-Master for over a decade, offering collectors a more traditional design.

The 16700 maintained the classic GMT functionality: the 24-hour hand was linked to the main hour hand, allowing the wearer to read a second time zone by rotating the bezel. For many enthusiasts, this connection between the hands represents the purity of the original concept. The newer GMT-Master II added complexity but also a slightly bulkier case, while the 16700 kept the thinner proportions of its predecessors.

Case and Bezel Design

The case of the 16700 measures 40mm in diameter and was crafted entirely in stainless steel (reference 904L). It retains the elegant proportions of the 1675 and 16750, with a slightly more refined finish and the introduction of sapphire crystal instead of acrylic. The combination of brushed lugs and polished sides strikes a balance between ruggedness and refinement.

The defining feature remains the aluminium Pepsi bezel insert, divided into blue for night hours and red for day. The vibrant colour scheme references the original 1950s model and serves a functional purpose, providing quick differentiation between day and night times on the 24-hour scale. While aluminium inserts tend to fade over decades, collectors often celebrate the resulting patina, from deep navy to pastel sky blue and crimson tones.

The bezel is bidirectional, featuring 120 clicks and a pleasing tactile resistance. It can be rotated to track a second time zone easily, maintaining the original purpose for professional pilots.

The Frozen Dial

A particularly interesting detail on certain examples of the GMT-Master 16700 is what collectors refer to as the “frozen dial.” This nickname describes a glossy black dial that has aged in such a way that the lacquer takes on a deep, glassy texture under light, resembling a thin sheet of ice. The surface appears slightly static and reflective, giving it an almost enamel-like quality.

This variation is not intentional; rather, it is the product of how Rolex’s lacquer formulas interacted with environmental conditions in the 1990s. The result is a strikingly rich dial tone, distinct from the matte finishes of earlier models. On some examples, this frozen effect enhances the contrast between the dial and the white-gold surrounds of the hour markers, lending an understated yet luxurious appearance.

These dials have become sought after among collectors, particularly when paired with the early tritium lume plots that have aged to a warm, creamy tone. The combination of glossy lacquer, white-gold surrounds, and vintage patina creates an unmistakable character that sets these watches apart from later Luminova dials.

Dial and Hands

The dial layout of the 16700 follows the familiar GMT-Master format: applied hour markers with luminous material, Mercedes hour hand, minute hand, and a red GMT hand with a luminous triangle tip. Early examples feature “Swiss-T<25” text at six o’clock, indicating the use of tritium lume. Later versions display either “Swiss” or “Swiss Made” as Rolex transitioned to Luminova and then Super-Luminova.

The frozen-dial variant adds further intrigue. Under direct light, the glossy surface reflects like a mirror, accentuating the depth of the applied markers. The tritium lume, no longer functional, develops a distinct patina that ranges from eggshell to soft amber. The hands often age differently, resulting in a subtle colour mismatch that collectors appreciate for its authenticity.

The date display remains at three o’clock under a magnifying Cyclops lens, and the red GMT hand contrasts sharply against the black dial, ensuring optimal legibility.

Movement: Calibre 3175

Inside the 16700 beats the Rolex Calibre 3175, a movement exclusive to this reference and the final evolution of the traditional GMT-Master architecture. It is based on the 3000 series, with automatic winding, a 48-hour power reserve, and a frequency of 28,800 beats per hour.

Unlike the Calibre 3185 used in the GMT-Master II, the 3175’s 24-hour hand is coupled to the main hour hand. The wearer adjusts both together and uses the bezel to read a second time zone. This movement also features hacking seconds and quickset date, both practical updates over earlier calibres.

The 3175 is a COSC-certified chronometer, reflecting Rolex’s commitment to precision and reliability. It is known among watchmakers for its robustness and ease of maintenance, a true workhorse movement that performs to the brand’s high standards.

Bracelet and Construction

The GMT-Master 16700 was delivered on two primary bracelet options: the Oyster 78360 with solid links and brushed finish, and occasionally, and much more rarely, the Jubilee 62510H for those preferring a dressier aesthetic. Both came fitted with the folding Oysterlock clasp, offering security and comfort in equal measure.

The Oyster bracelet complements the tool-watch nature of the GMT, while the Jubilee’s polished center links soften its presence. The case lugs are drilled through, allowing easy strap changes, a detail phased out in later references. This makes the 16700 particularly appealing for collectors who enjoy vintage-style functionality with modern refinement.

Character and Wearability

What defines the 16700 is its balance of vintage proportions and contemporary reliability. The watch feels lighter and thinner than later GMT-Master II references, making it more comfortable for daily wear. The aluminium bezel and tritium lume lend it a warmer, more nostalgic presence compared to the modern ceramic versions.

The frozen dial further enhances that charm. When light hits the surface, it catches reflections differently than any other Rolex dial, creating a sense of depth that almost feels liquid. Combined with the faded Pepsi bezel and aged lume, it exudes character, the kind that only time and originality can create.

The Pepsi Legacy

Few design elements in watchmaking are as instantly recognisable as the blue and red bezel of the GMT-Master. The “Pepsi” nickname, coined by enthusiasts, refers to the colour split reminiscent of the soda brand’s logo. Yet the palette originally had nothing to do with soft drinks; it was functional. Blue indicated night hours (18:00–06:00), red represented day (06:00–18:00). This intuitive contrast made it easy for pilots to distinguish time zones in low light.

Over the decades, Rolex produced numerous variations of the Pepsi bezel, from bakelite to aluminium and finally ceramic. The 16700 occupies a pivotal point in that evolution: it retains the aluminium insert, which fades beautifully over time, while benefiting from the durability of sapphire crystal.

Collectors often appreciate the 16700’s bezel tones most when they develop subtle variations, pastel blues, pinkish reds, or even purple transitions. Each one becomes unique, a visual record of how the watch has aged.

Transitional Features and Rarity

As the last of the original GMT-Master line, the 16700 embodies a mix of traditional and modern traits. It combines vintage details like drilled lugs, aluminium bezel, and tritium lume with modern features such as sapphire crystal, quickset date, and solid bracelet construction.

Because Rolex produced the 16700 in parallel with the GMT-Master II, production numbers were comparatively lower. Many customers chose the more advanced GMT-Master II instead, making well-preserved examples of the 16700 less common today. This relative scarcity, especially in untouched condition, has pushed demand upward in recent years.

Frozen-dial variants are rarer still. Their lacquer behaviour was inconsistent, and not every example developed the signature glossy “ice” effect. Collectors actively seek these dials for their visual depth and for the fact that they represent an unrepeatable quirk of Rolex’s 1990s production.

Market Perspective

The market for the GMT-Master 16700 has steadily strengthened as collectors recognise its significance. It marks the end of an era, representing the last time Rolex offered a single-timezone GMT before moving entirely to the independent-hour-hand configuration.

Values vary according to condition, originality, and accessories. Examples with full sets, unpolished cases, and correct faded Pepsi inserts command a premium. Frozen-dial pieces, due to their rarity and aesthetic appeal, sit at the upper end of that range. While prices once lagged behind the 16710 GMT-Master II, the gap has narrowed significantly as enthusiasts increasingly favour simplicity and historical authenticity.

The model’s durability also ensures it remains a practical everyday watch. The 3175 movement is serviceable through Rolex and independent specialists alike, parts are accessible, and water resistance remains reliable if the seals are maintained. This combination of wearability and collectability contributes to the 16700’s enduring popularity.

How It Differs from the GMT-Master II

Understanding the distinction between the 16700 and its sibling, the 16710, clarifies why many purists prefer the earlier reference. The 16710’s Calibre 3185 introduced the independently adjustable local hour hand, which allowed tracking a third time zone when using the bezel. However, this added complexity to the dial mechanics, and the case became fractionally thicker.

The 16700, by contrast, offers the purest link to the original GMT-Master design, one central movement controlling both hour hands together. The bezel remains the key tool for dual-time reading, just as it was in the 1950s. It is this simplicity and historical continuity that make the 16700 feel more traditional and, for many, more authentic to the model’s purpose.

Collecting the 16700 Today

Collectors are drawn to the 16700 for its transitional nature and its aesthetic balance. It wears comfortably, offers true vintage charm, and remains reliable for modern use. When assessing examples, condition of the bezel insert, dial originality, and lume type are critical factors.

Truly original examples retain their tritium dials and hands, with matching patina. The frozen dial variant, when authentic, adds significant desirability. Later service replacements often feature Luminova dials marked “Swiss” or “Swiss Made,” which, while more practical, lack the warmth of aged tritium.

The case condition also plays a major role in value. The lugs on the 16700 are relatively thin, and heavy polishing can distort the sharp transitions. Collectors prefer watches with well-defined chamfers and intact brushing. The bracelet reference and clasp code can help confirm period correctness.

Given the steady increase in demand for earlier GMT references, the 16700 remains an attractive entry point into vintage Rolex collecting. It captures the essence of the GMT line without the price premium of the 1675 or early 6542.

The Allure of the Frozen Dial

Among all dial variants, the frozen dial stands out as one of the most beautiful quirks in modern Rolex production. Its reflective surface seems to change personality depending on the light, jet black in shade, shimmering grey under sun, and mirror-like at oblique angles.

This visual richness is paired with the tactile authenticity of tritium lume and aluminium bezel fade. The result is a watch that tells its own story of ageing. It is not sterile or uniform; instead, it is dynamic and personal. Each frozen dial develops differently, which means no two examples are exactly alike.

This unpredictability appeals deeply to collectors who value originality and natural patina. It reflects Rolex’s craftsmanship during an era when the brand still embraced subtle variations in materials, the kind that modern production no longer produces.

Final Thoughts

The Rolex GMT-Master 16700 ‘Pepsi’ represents a pivotal moment in the brand’s history. It closes the chapter on the classic GMT-Master lineage while ushering in the refinements that define contemporary Rolex design. With its aluminium Pepsi bezel, sapphire crystal, tritium lume, and Calibre 3175 movement, it balances modern reliability with vintage charm.

The frozen dial variant adds a layer of intrigue, transforming an already iconic reference into something visually and historically unique. Each example tells its own story through colour fade, lume ageing, and the shimmering lacquer of its dial.

For collectors and enthusiasts alike, the 16700 captures what many love most about Rolex, timeless functionality, understated beauty, and the quiet evolution of a tool built for travel that became an enduring cultural symbol. It remains one of the most approachable yet meaningful ways to experience the heritage of the GMT-Master line.

• Case in very good vintage condition, some wear visible around case sides 
• Oyster bracelet in NOS condition.

• Dial has developed ‘frozen patina’ 
• Hands very good