Rolex GMT-Master II "Ice" Ref. 116769TBR: The Pinnacle of Opulence
It's not secret that we are passionate about watches that tell a story, blending craftsmanship, history, and bold design. Few timepieces embody this ethos, particularly the boldness, as extravagantly as the Rolex GMT-Master II "Ice" reference 116769TBR. Introduced in 2007, this white gold, diamond-encrusted marvel holds the distinction of being the most expensive Rolex ever retailed, with a jaw-dropping MSRP of $485,350. Known simply as the "Ice," this watch is a dazzling testament to Rolex’s mastery of gem-setting and its ability to push boundaries while staying true to the GMT-Master’s functional heritage. Let’s dive into what makes this rare timepiece a collector’s dream and a horological spectacle.
A Glittering Legacy
The Rolex GMT-Master, launched in 1954 in collaboration with Pan American World Airways, was designed for pilots needing to track multiple time zones. Its signature 24-hour bezel and dual-time functionality made it a tool watch for globetrotters. Over decades, the GMT-Master II evolved, introducing iconic bezels like the “Pepsi” and “Batman.” But in 2007, Rolex took a bold leap with the 116769TBR, transforming the utilitarian GMT-Master II into a haute joaillerie masterpiece. Nicknamed the “Ice” for its blinding array of diamonds, this watch never appeared in Rolex’s official catalog, adding to its mystique and exclusivity.
Produced in limited numbers and discontinued shortly after, the 116769TBR is a unicorn in the Rolex lineup. Its debut marked a pivotal moment, showcasing Rolex’s prowess in gem-setting—a field where the brand is less known but equally formidable. As Phillips noted, the “Ice” solidified Rolex as a leader in secure, durable gem-setting, ensuring that every diamond stays in place, even with daily wear.
Design: A Dazzling Spectacle
The GMT-Master II "Ice" is not for the faint of heart. Crafted entirely in 18k white gold, its 40mm case is a canvas for nearly 30 carats of diamonds, covering nearly every visible surface. Here’s a closer look at its design:
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Diamond-Studded Everything: The case and lugs are adorned with 79 round diamonds, while the bi-directional rotating bezel sparkles with baguette-cut diamonds and a single triangular-cut diamond at 12 o’clock. The pave diamond dial creates a mesmerizing ripple effect, and the bracelet—also in 18k white gold—is encrusted with more diamonds, making it a showstopper from every angle.
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Functional Elegance: Despite its opulence, the 116769TBR retains the GMT-Master II’s core functionality. The 24-hour bezel tracks a second time zone, and the date window at 3 o’clock, magnified by a cyclops lens, ensures practicality. The black GMT hand contrasts sharply against the diamond dial for legibility.
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Robust Build: Weighing over half a pound, the “Ice” is a substantial piece, reflecting Rolex’s commitment to durability. The sapphire crystal, with a semi-invisible crown etched at 6 o’clock, protects the dazzling dial while maintaining scratch resistance.
This watch is unapologetically bold, a departure from Rolex’s typically understated designs. As one source aptly put it, the “Ice” proves Rolex can “master the bling-bling” while retaining its reputation for reliability.
The Heart: Calibre 3186
Beneath the glittering exterior lies Rolex’s Calibre 3186, a self-winding movement known for its precision and robustness. This COSC-certified chronometer operates at 28,800 vph and offers a 48-hour power reserve. The movement features a Parachrom hairspring for enhanced resistance to shocks and temperature variations, ensuring the watch performs as well as it looks. While the diamond-encrusted case back obscures the movement, Rolex’s meticulous finishing—polished bridges, blued screws, and a gold oscillating weight—underscores the brand’s attention to detail. The “Ice” may dazzle on the outside, but its heart is pure Rolex engineering.
A Collector’s Perspective
The 116769TBR is not just a watch; it’s a statement. Its rarity and exclusivity have made it a favorite among high-profile collectors, with celebrities like Cristiano Ronaldo, Brad Pitt, and David Beckham reportedly owning examples. Ronaldo was spotted wearing his at the 2019 Dubai International Sports Conference, pairing it with jewelry worth over $800,000, cementing its status as a symbol of extravagance.
For collectors, the “Ice” is a paradox: a functional GMT-Master II wrapped in unparalleled luxury. Its limited production run—believed to be just a handful of pieces—makes it a grail for those who seek rarity. On the secondary market, The Keystone has offered examples in excellent to like-new condition, complete with box, manuals, and warranty card, dating from 2008 to 2014.
However, the “Ice” isn’t without detractors. Some purists argue that its ostentatious design strays too far from the GMT-Master’s tool-watch roots. Others question whether its retail price—nearly double that of the next most expensive serial-produced Rolex, the Platinum Pearlmaster—justifies its value, especially compared to auction records like Paul Newman’s Daytona, which fetched $17.8 million. Yet, for those who embrace its audacity, the 116769TBR is a trophy that commands attention.
Why the GMT-Master II "Ice" Endures
The Rolex GMT-Master II "Ice" 116769TBR is a polarizing masterpiece—a tool watch transformed into a jewel-encrusted icon. Its blend of Rolex’s legendary reliability, innovative gem-setting, and unapologetic extravagance sets it apart in the world of luxury timepieces. Whether you see it as a bold statement or an over-the-top indulgence, there’s no denying its place in horological history.
For those captivated by its sparkle, The Keystone offers authenticated pre-owned examples, meticulously inspected by our watchmakers to ensure top condition.
Interested in adding the “Ice” to your collection? Contact us at hello@thekeystone.com or text/call (213) 632-9061 to inquire about availability or explore our current inventory. Have a story about a gem-encrusted Rolex or thoughts on the 116769TBR? Share them with us—we’d love to hear from you.
