Rolex was responsible for roughly one-third of Swiss watch exports in 2023, and it wouldn’t be too much of a stretch to say that it accounted for nearly double the amount of enthusiast discussion in the same year. Countless blogs, articles, social media posts, and the dark corners of watch meetups are rampant with obsessive watch nerds dissecting every ounce of information about Rolex just trying to differentiate between models. It is as nauseating as it is enticing. We are (in part) able to have such a deep discussion about only one brand because, despite the crown essentially footing the marketing bill for most of the Swiss industry, it doesn’t actually tell us much about its updates. The Rolex strategy over decades has been minute, incremental improvements to chase perfection. That’s why the 2023 update to the Rolex Submariner (ref. 126610LV) is so intriguing — basically nothing changed, but Rolex actually (kind of) said something about it. As expected, the change is minuscule, and in the case of the Rolex Submariner 126610LV, affectionately known as the “Kermit” or “Starbucks” (is one nickname not enough for you people?), the only change was a shade of green in the bezel.

Before we get into the weeds, let’s get the basics out of the way. The 2023 Rolex Submariner 126610LV is a 41mm wide, 12mm thick, and 47.6mm lug-to-lug stainless steel dive watch on an oyster bracelet. The steel case and bracelet are constructed of an alloy the brand calls “Oystersteel.” Oystersteel is by all chemical means 904L stainless steel but is smelted in Rolex’s in-house foundry, so the exact composition is proprietary. 904L contains higher levels of nickel, chromium, copper, and molybdenum to increase corrosion resistance and have a more lustrous polished finish than traditional 316L. On top of the case sits a unidirectional 120-click bezel with a Cerachrom ceramic elapsed time insert. The engraved numerals are coated with a thin layer of PVD platinum for a silvery white coloration with little to no shine. A flat sapphire crystal with a magnifying cyclops covering the date is fitted over the dial. Previously Rolex listed the cyclops magnification as 2.5x but it is no longer listed or confirmed. The gloss black dial features no less than six lines of text, and applied indices filled with luminous material Rolex calls Chromalight. Bringing it all together is a set of polished white gold hands — the classic Mercedes hour hand, baton minute hand, and lollipop seconds hand — powered by the 3235 in-house movement. This Superlative Chronometer movement is regulated to ±2 seconds per day, is shock and magnetic-resistant, and has approximately 70 hours of power reserve. An oyster bracelet extends outward from the case in a nearly integrated fit, tapers from 21mm to 18mm, and features on-the-fly adjustment built into the clasp. There is no denying the Submariner has pretty much everything you could ask for—but this isn’t just another review of the Submariner as a whole, it is a discussion of the oddities surrounding this specific reference and the color change that only we watch nerds would notice.

Let me clarify one thing: Rolex never put out an official statement about the color change. However, it was verbally confirmed by Rolex staff at Watches and Wonders 2023, at boutiques, and at authorized dealers around the world. That’s about as firm as it gets when it comes to Rolex making adjustments to colors. The Rolex GMT Master II “Pepsi” has been through multiple rounds of color changes as the brand dials in its use of colored (and multi-colored) ceramics, and yet no official acknowledgment of the changes has ever been made.

So, why acknowledge the change this time? Some people suggest that the color change is simply a shade closer to the first green bezel Submariner ref. 16610LV. Others suggest it is a subtle nod to the 70th anniversary of the Submariner, and Rolex did not have anything planned. This is mostly speculation but quickly became the accepted reasoning and was first reported by Adrian Barker during last year’s trade show. Personally, I think Rolex just changed the formula and once one person let the change slip they rolled with it. While Rolex doesn’t skimp when it comes to celebrating, 70 years doesn’t seem like a special anniversary, and a silent color change is a pretty damn lazy way to celebrate anything.

Alternatively, this could be the first domino in a slowly shifting strategy for Rolex. The past few years have brought plenty of changes to the crown. Watches have debuted unexpectedly at international events, Rolex invested massively in its preowned market, a new watchmaking opportunity was unveiled, and I’m sure plenty of other things happened surrounding the brand that I am wholly unaware of. Like all things Rolex, only time will tell, and we will be here to report on it as it comes. Watches & Wonders 2024 is only a few weeks away at the time of writing and I’m certain we are in for a few surprises. I doubt more transparency is one of them though.

The Rolex Submariner 126610LV is priced at $10,800 USD, and you can learn more about it and Rolex at the brand’s website.