Two-Tone Rolex: The Steel and Gold Watch Nobody Wanted Five Years Ago

For a long stretch, a two-tone Rolex was the watch people apologized for. Collectors wanted all-steel sport models, dealers kept the gold-and-steel pieces in the back, and anyone who showed up asking for a two-tone Datejust got a polite look that said "are you sure." That has changed. We now get calls for them every week, usually from buyers who tried a steel watch first and found it a little too serious.

We have been selling pre-owned Rolex watches since 2000, and two-tone has been in our cases the entire time. It never left. The conversation around it did, and the prices are starting to show it.

What "Two-Tone" Actually Means

Rolex calls the steel and 18k gold combination Rolesor, a name it trademarked back in 1933. The gold shows up on the bezel, the crown and the center links of the bracelet, while the case and outer links stay steel. Yellow gold is the classic pairing. White gold gives a quieter look that many people mistake for all-steel at first glance, and Everose, the pinkish gold Rolex introduced in the 2000s, sits somewhere in between.

One thing worth knowing early: this is solid 18k gold, not plating. That is why a two-tone Rolex costs what it does, and why the gold links hold up for decades if the watch is looked after.

Why the Market Turned

My honest read is that it came down to price, and style followed. As steel Submariners and GMT-Masters climbed, buyers who wanted a real Rolex with some personality started looking sideways, and the two-tone watch was sitting there at a lower number. A clean two-tone Datejust 36 is still within reach for around $6,500 to $10,000, while a comparable all-steel sport model costs noticeably more. Once people see the watch in person, the gold looks warmer than they expected, and it stops feeling like a throwback.

There is also the generational thing. People in their thirties never absorbed the idea that gold was tacky. They see a champagne dial with a Jubilee bracelet and they think vintage, not 1990.

The References Worth Looking At

Start with the Datejust, since that is where most of the volume sits. The Datejust 36 in Rolesor is the safe, easy choice, and the five-digit references with the sapphire crystal and the champagne or slate dial are what I would tell a first-time buyer to look for. The 41mm version in two-tone starts around $10,000 and climbs to $14,000, and it wears much bigger than the old 36, which is a genuine reason to pick one or the other. Our Datejust 36 vs 41 comparison goes through that decision in detail.

The Submariner is the other one people ask about. The blue dial and blue bezel with the gold bracelet, the one collectors call the "Bluesy," is the version most buyers want, and two-tone Submariners generally sit above $14,000. I think it is the most underrated of the lot, because it manages to look like a dive watch and a dress watch at once.

The GMT-Master II in two-tone is a rarer find. The Root Beer, with its brown and gold bezel, is the one that gets collectors excited, and in good condition it can reach $18,000 and above.

Yellow Gold, White Gold or Everose?

Yellow gold sells the most, and I do not think that changes soon. If you want the classic look people recognize from across a room, that is the one. Everose is for the buyer who finds yellow too loud but still wants warmth, and it photographs beautifully, though the supply of pre-owned examples is thinner. White Rolesor is the choice for someone who wants a steel-looking watch with a little extra quality in the bracelet and does not care whether anyone notices.

Resale tends to follow demand, so yellow is the easiest to sell later. That should matter less than whether you will actually enjoy wearing it.

What to Check Before You Buy

The gold is the thing to inspect. Look at the center links and the edges of the bezel for wear, because over many years the gold can show polishing marks or thin where a previous owner overdid it. Check the bracelet for stretch, which is common on Jubilee models and runs $300 to $600 to correct. On older watches, look for the sharpness of the lugs, which tells you whether the case has been over-polished.

Dials matter a great deal, too. Champagne and slate dials from the nineties can develop a soft patina that many buyers love, and a refinished dial will look wrong in a way that is hard to explain until you have seen both. If you want to know what we look for on every watch before it goes into the case, our guide on authentication explains it, and our Rolex service page covers what a full service costs, which is the number that surprises people most on an older two-tone watch.

Does It Hold Its Value?

Better than people assume, and worse than steel sport models. A two-tone Rolex will not spike the way a discontinued steel Daytona can, so I would not buy one as a bet. What it does well is stay stable, and for a watch you will wear daily that is a fair deal. Our Rolex Price Guide 2026 shows how the broader market has moved if you want the bigger picture.

Where to Start

If you are leaning toward a two-tone watch, browse our pre-owned Rolex collection and our Datejust selection, and tell us which reference you are after, because we source specific pieces for clients regularly. For a smaller case, see the women's Rolex collection. And if you own a two-tone watch you are thinking of selling, we buy pre-owned Rolex watches nationwide.