Rolex Sea-Dweller 1665 (1978) – The Ghost Bezel Era

Introduced in the late 1960s, it represented the next evolution beyond the Submariner, aimed not at recreational divers but at professionals working in saturation diving. By 1978, the reference had been in continuous production for nearly a decade, and subtle evolutionary traits defined the period pieces of the late 1970s. Among them, certain examples carry bezel inserts that have aged into what collectors now call “ghost” bezels—faded from their original black into shades of grey and silver-blue. 

Origins of the Sea-Dweller

The Sea-Dweller was born from collaboration between Rolex and the pioneering diving firm COMEX (Compagnie Maritime d’Expertises). By the mid-1960s, divers working in saturation environments faced a recurring problem: helium molecules, which are smaller than oxygen and nitrogen, could infiltrate a watch case during prolonged decompression in helium-rich chambers. Upon resurfacing, the trapped helium would expand and sometimes cause the watch crystal to pop off. Rolex’s solution was the patented helium escape valve (HEV), first appearing experimentally on modified Submariners and then formally introduced on the Sea-Dweller in 1967.

The 1665 was the first production reference of the Sea-Dweller line. Its specifications went beyond the Submariner’s 200m depth rating, offering 610m (2,000ft). The HEV on the case flank, thicker domed crystal, and more robust case profile made it a true professional-grade tool. Early examples carried the now-iconic “Double Red” dial text, but by the mid-1970s, Rolex phased this out, transitioning to the all-white text dials.

The Transitional Period: 1977–1978

The 1977–78 period sits at the centre of the 1665’s production run. By this stage, the reference had stabilised into its mature form: matte black dial, tritium luminous markers, robust Oyster case, and white dial printing. The Double Red era had ended, and the watches of this period are referred to as “Great White” dials. Produced in several minor variants—often labelled Mark I through Mark IV by collectors—these watches established the Sea-Dweller’s final 1970s identity.

The watch from 1978 pictured here features a bezel insert that has undergone significant fading. Where the insert once displayed a deep black finish, decades of exposure to sunlight, salt water, and the elements have transformed it into a soft grey, sometimes carrying blue overtones. Collectors use the term “ghost” to describe this spectral shift. Every ghost bezel is unique; the fading patterns are unpredictable, and each watch tells a different story of use.

The Ghost Bezel Phenomenon

Rolex bezels from the 1960s and 70s were aluminium inserts, printed and anodised to achieve their deep black colour. Over time, anodised aluminium can react to ultraviolet light and environmental conditions. Watches worn heavily at sea or in bright sun were especially prone to fading. The result is a palette that ranges from pale grey to slate blue to silver. This fading is not uniform; some areas remain darker, creating a gradient effect. The pearl, or luminous dot at 12 o’clock, often ages separately, sometimes turning creamy or falling out altogether.

Among vintage collectors, ghost bezels have become highly sought after because they represent authentic wear. Unlike replacement service parts, these faded bezels show continuity between the watch’s original build and its decades of life. A 1978 Sea-Dweller with a ghost bezel combines the robustness of the reference with the kind of visible history that collectors value most.

Comparison with Contemporary Submariners

By the late 1970s, the Submariner 1680 was Rolex’s established date model, water-resistant to 200m. The Sea-Dweller doubled that depth rating and incorporated the HEV. While visually similar, the Sea-Dweller carried a more technical aura, aimed at a narrower professional market. At retail, it was more expensive, and for casual divers or enthusiasts, the Submariner was sufficient. This disparity explains why relatively fewer Sea-Dwellers were produced and sold, making them scarcer today.

Another distinction is the caseback. Sea-Dwellers carry the engraved “Rolex Oyster / Original Gas Escape Valve” around the perimeter, marking their special functionality. Submariners of the same era had plain casebacks. For collectors, this engraving has become part of the 1665’s charm.

Market and Collectability

The 1665 Sea-Dweller has become one of the pillars of vintage Rolex collecting. Within the reference, early Double Red Sea-Dwellers (DRSD) command significant premiums, but the later Great White dials have developed their own following. They represent a more accessible entry point into vintage Sea-Dweller ownership while retaining all the key features.

Ghost bezel examples add another layer of desirability. While condition and originality remain central, the aesthetics of a faded bezel often elevate a watch. In the auction market, collectors are prepared to pay premiums for inserts that have aged beautifully, especially when paired with an untouched dial and strong case. In recent years, ghost bezel 1665s from the late 1970s have consistently drawn strong interest from connoisseurs who appreciate both rarity and patina.

The Broader Legacy of the 1665

The Sea-Dweller 1665 remained in production until 1983, replaced by the reference 16660, which introduced a sapphire crystal, deeper depth rating (1,220m), and updated movement. Compared to its successor, the 1665 retained a more vintage charm, with its plexiglass dome and matte dial. Collectors often see the 1665 as the bridge between the experimental Double Red era and the modern professional dive watches that followed.

Its longevity—produced for roughly 16 years—means it has a wide range of subtle dial and case variations, from early prototypes to transitional dials. The 1978 example sits in the middle, part of the well-established production but carrying the hallmarks of natural vintage evolution, including the ghost bezel.

Historical Significance

The Sea-Dweller line tells the story of Rolex’s commitment to solving practical problems for professionals. The 1665 is the reference that carried the helium escape valve into mainstream production. By 1978, the watch was trusted by professional divers and had already earned its reputation in deep-sea exploration. That history is embedded in every surviving watch.

Owning a 1978 Sea-Dweller is not just about the aesthetics of the ghost bezel, but also about holding a piece of tool-watch evolution. It is a reminder of an era when Rolex was pushing the boundaries of engineering to meet the demands of working divers rather than lifestyle customers.

Final Thoughts

The Rolex Sea-Dweller 1665 from 1978 represents the maturity of the first-generation Sea-Dweller line. With its Great White dial, domed plexiglass, and helium escape valve, it embodies the essence of Rolex professional diving watches. The ghost bezel insert transforms this example into something even more compelling—a watch that visibly tells its story of decades spent in the real world.

Case in very good vintage conditio. Thick lugs and very lightly polished. Factory finish still visible on lugs and case. Bracelet has light hairlines visible with some stretch as expected but in great condition.

Dial excellent matt example. Hands in very good condition with only light oxidation.