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The GMT-Master 16700 is the last single-crown steel GMT with the original Pepsi bezel configuration, produced from 1989 until Rolex retired the GMT-Master line in 1999 and consolidated to the GMT-Master II. It uses caliber 3175, a date-equipped movement with an independently-settable 24-hour hand, making it a genuine two-timezone tool watch rather than the simplified quick-set variant found in the 16760 and later II models.
The 16700 replaced the 16750 in 1989, carrying over the 40mm Oyster case and aluminium black/red "Pepsi" bezel while adopting the updated caliber 3175. Production ran ten years, ending in 1999 when the GMT-Master II 16710 became the sole steel GMT offering. Dial variants include glossy and matte finishes across the production run; later examples typically show the "Swiss Made" text at 6 with improved printing.
The aluminium bezel insert fades and scratches with wear, and original unpolished examples with intact bezel color are increasingly hard to source.
Check the bezel insert closely: original red/blue aluminum fades unevenly with age, and replacement inserts usually show overly saturated, uniform color. Lug condition is critical, over-polished cases lose the sharp chamfer between the top and side of the lug, which cannot be recovered without adding metal. The bracelet should be an Oyster 78360 with 501B end links for a period-correct fit; aftermarket or later bracelets are common and affect value.
Confirm the GMT hand is original and properly timed against the 24-hour scale, as mismatched or replaced GMT hands appear on heavily-serviced examples. Service history matters here because the 3175 requires full disassembly to regulate the GMT hand independently, and poorly-done services are not uncommon.
The 16700 trades at a discount to the 16710 GMT-Master II despite being rarer and the last of the original GMT line, largely because collectors associate the II with "better" mechanics. Full-set examples with original punched papers from the late 1990s carry a real premium over watch-only sales. Glossy-dial late-production examples from 1996 onward have started to pull slightly ahead of the earlier matte-dial variants.
The market is relatively thin compared to the Submariner references, so pricing can swing materially between auction cycles.
Caliber 3175 is a sturdy movement with no known chronic failure points, though the date and GMT complication add parts count relative to the base 3135. Service intervals of 7 to 10 years are appropriate, and a full service from an independent watchmaker with documented caliber experience runs roughly $400 to $700. A recent service with receipts is a genuine value-add on a reference where movement condition is harder to assess without paperwork.
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The vintage 16700 Coke GMT is a legitimate service-aged reference; the aluminium bezel insert fading pattern, Cal. 3085 movement, and absence of rehaut engravings are key authentication anchors.
| Area | What to check | What is correct | Red flag |
|---|---|---|---|
| case | Rehaut inner ring absence | Plain polished metal rehaut (inner bezel ring) with no engravings; serial number engraved between the lugs at 6 o'clock (not on the rehaut) | "ROLEX ROLEX" repeated text on the rehaut; any engraving on the rehaut ring indicating a later-generation case |
| case |
| Bezel insert material (aluminium) |
| Aluminium bi-color insert with red upper half and black lower half; slightly raised surface vs. the bezel ring; surface shows patina and micro-scratches consistent with age |
| Ceramic insert (smooth, scratch-resistant surface); glossy vivid color inconsistent with claimed age; insert that sits flush rather than slightly proud |
| movement | Cal. 3085 movement identity | Cal. 3085 at 19,800bph; 48-hour power reserve; quick-set date function; three-piece caseback reveals movement to a watchmaker; "Rolex" signed rotor | Cal. 3186 (wrong generation; identified by Paraflex shock absorbers); Cal. 3135 (non-GMT, missing the GMT complication); any non-Rolex movement |
| dial | Dial text and printing generation | "Swiss Made" at 6 with standard Rolex font; sigma symbol on some dials indicating solid gold indexes; early gilt dials have a warm yellow tint to text and luminous material | Text font that matches current-generation Rolex printing; no sigma symbol on claimed sigma-dial example; "Swiss" without "Made" (very early pre-16700 format) |
| crown | Triplock crown seal | Three dots on crown face consistent with 16700 water resistance rating; crown screws down smoothly; no modern Twinlock crown (two dots) substituted | Two-dot Twinlock crown (incorrect for this reference); crown that cross-threads or feels loose |
| bracelet | Oyster bracelet and clasp generation | Correct-generation Oyster bracelet with flip-lock clasp; solid end links; clasp references should be consistent with 1988-2000 production; some stretch on original bracelets is expected | Glidelock clasp (introduced post-16700; modern upgrade); wrong clasp generation; hollow-sounding center links indicating aftermarket bracelet |
