The iconic traveler’s watch gets a material shake-up and a divisive new bezel colourway.
What We Know
Rolex has quietly but decisively expanded its GMT-Master II lineup, and the internet is already split. While the brand hasn’t labelled this a complete overhaul, the introduction of a new grey-and-black ceramic bezel—affectionately (or critically) dubbed the “Ghost” by forums—marks the most significant aesthetic shift since the blue-and-red “Pepsi” returned to stainless steel. This isn’t a limited edition, but it is a bold statement for a brand that rarely deviates from its playbook.
The new reference, 126710GRNR, replaces none of the existing steel models but sits alongside them, offering a more subdued, monochromatic alternative to the jubilant “Pepsi” and the now-discontinued “Batman.” The 24-hour bezel insert, crafted from Rolex’s proprietary Cerachrom, transitions from a deep, inky black at the 6 o’clock position to a metallic slate-grey that wraps around the 18-to-24-hour marker. It’s a gradient effect Rolex has achieved before, but never quite like this—it’s less a tool, more a chameleon.
Reference 126710GRNR – Wrist Shot
The grey-and-black bezel shifts dramatically under different lighting, appearing almost stealthy indoors but vibrant in direct sun.
The case remains the familiar 40mm Oyster, with the same crown guards and Maxi-case architecture that have defined the modern GMT since 2007. However, the real story lies beneath the sapphire crystal. The dial ditches the two-tone approach of the “Root Beer” for a purely utilitarian black lacquer, with Chromalight-filled hour markers and the signature Mercedes hands. Crucially, Rolex has kept the Jubilee bracelet as the only option for this reference—no Oyster alternative is offered at launch—which leans the watch further toward a dressier, retro-leaning persona.
But the most surprising update is internal. The Caliber 3285, already a 70-hour powerhouse, remains, but Rolex has quietly updated the movement’s Chronergy escapement with a new lubricant and slightly revised geometry to improve long-term amplitude stability. It’s not a new caliber, but it’s a refinement that only a service center would notice—and a sign that Rolex is always tinkering behind the curtain.
Price and Positioning
At $10,700 for the steel model, the GRNR sits at a slight premium over the outgoing “Batman” (ref. 126710BLNR), a price hike that Rolex attributes to the new bezel manufacturing complexity. For those wanting a two-tone option, a yellow gold-and-steel variant (ref. 126713GRNR) debuts at $16,900, featuring a matching grey-black bezel but with a gold-capped centre link on the Jubilee. And for the truly bold, a full 18k yellow gold version (ref. 126718GRNR) arrives at $38,500, marking the first time this bezel colour has been offered in precious metal.
What We Think
This is a fascinating move from Rolex, and not necessarily for the reasons you’d expect. For years, collectors have clamoured for a return to the all-black bezel of the 16710 era, but Rolex has refused to go backwards. Instead, they’ve given us a compromise—a bezel that reads as almost-black in low light but reveals a smoky, urban sophistication in daylight. It’s not loud; it’s introverted. In a world of neon-dialled Oyster Perpetuals and diamond-set Daytonas, the GRNR feels like Rolex acknowledging that sometimes, subtlety is the ultimate luxury.
The lack of an Oyster bracelet option, however, is a curious restriction. The Jubilee is comfortable and iconic, but its five-link configuration adds a visual busyness that contrasts with the bezel’s understated gradient. I suspect we’ll see an Oyster option within 18 months, but for now, Rolex is forcing a specific vision upon the buyer.
And then there’s the thickness—or rather, the lack of change. At 12.2mm, the GMT-Master II has never been a slab, but with competitors like the Omega Speedmaster 38mm (14.75mm) still struggling with bulk, Rolex’s proportion game remains untouchable. They didn’t need to slim it down, because they got it right a decade ago.
What this release truly signals is Rolex’s confidence in its own design hierarchy. They aren’t chasing the vintage revival trend with a straight re-issue; they’re evolving the icon on their own terms. The “Ghost” bezel will be polarising, sure. Some will call it a fashion-forward gimmick; others will hail it as the most wearable GMT in years. But love it or hate it, you cannot ignore it. And in the world of luxury watches, that is precisely the point.
The Basics
Brand: Rolex
Model: GMT-Master II
Reference Number: 126710GRNR (steel), 126713GRNR (two-tone), 126718GRNR (full gold)
Diameter: 40mm
Thickness: 12.2mm
Case Material: Oystersteel (with 18k yellow gold variants)
Dial Colour: Black lacquer
Indexes: Applied, white gold
Lume: Chromalight (blue emission)
Water Resistance: 100 metres
Strap/Bracelet: Jubilee bracelet with Oysterlock clasp and Easylink 5mm comfort extension
The Movement
Caliber: 3285 (manufacture automatic)
Functions: Hours, minutes, seconds, date, dual-time (24-hour hand)
Power Reserve: 70 hours
Winding: Automatic (Perpetual rotor)
Frequency: 28,800 VpH (4 Hz)
Chronometer Certified: Yes (Superlative Chronometer, +2/-2 sec/day)
Pricing & Availability
Price: Steel at $10,700; Two-tone at $16,900; Full gold at $38,500 (USD retail)
Availability: Immediate from authorised dealers (with the usual waiting lists)
Limited Edition: No