When Rolex introduced a green bezel to its Submariner in 2003, it marked more than a change in colour; it began a new chapter for one of the brand’s most recognisable lines. Traditionally a functional dive watch, the Submariner’s green bezel attracted growing attention among collectors worldwide. This initial release was followed by two further green Submariner models, together forming a trilogy that has drawn significant market interest. Among these, the Ref. 116610LV in particular remains the most popular.
The Genesis of Green: Ref. 16610LV “Kermit”
To mark the Submariner’s 50th anniversary, Rolex introduced the Ref. 16610LV with a distinctive green bezel, drawing on the company’s longstanding association with the colour. Under CEO Patrick Heiniger’s guidance, this model balanced heritage and modern design. While the green bezel initially sparked debate—some saw it as a departure from traditional styling, others welcomed its freshness—it gradually attracted a devoted following. Dubbed “Kermit” by enthusiasts, the watch benefited from the rise of collector communities online.
Early examples produced between 2003 and 2005 with the “Flat 4” bezel remain particularly valued. Since 2020, the Kermit’s value has risen between 20% and 30%, settling around £12,000–£16,000 ($14,400–$19,200) in global markets despite recent slight price adjustments. This steady demand reflects its growing status among collectors in Europe and Asia.
Engineering Foundation: The Powerful Standard – Ref. 116610LV “Hulk”
The 2010 release of the Ref. 116610LV—known as the “Hulk”—introduced a full-green Cerachrom bezel paired with a sunburst dial, expanding the Submariner’s design vocabulary. Its 40mm “Super Case” features wider lugs and a robust profile, enhancing its presence on the wrist without sacrificing durability. The ceramic bezel offered substantial improvements over earlier aluminium inserts, resisting scratches and maintaining colour vibrancy over time.
Equipped with the reliable Calibre 3135 movement and developed during Heiniger’s leadership, the Hulk saw notable success, particularly in Asian markets amid Rolex’s global expansion. Although discontinued in 2020, it remains highly sought after, with prices generally ranging from £14,000–£16,000 ($16,800–$19,200) as of late 2025, demonstrating buyer confidence and continued market interest.
Contemporary Standard: Ref. 126610LV “Starbucks”
In 2020, Rolex presented the Ref. 126610LV—nicknamed “Starbucks” due to its green bezel and black dial combination—bringing the green Submariner trilogy to its current form. Echoing the original Kermit aesthetic, this model incorporates a refined 41mm case and the updated Calibre 3235 movement, which offers enhanced power reserve and precision.
Released under CEO Jean-Frédéric Dufour during a challenging global landscape, the Starbucks quickly found favour with collectors balancing respect for heritage with modern expectations. Secondary market values have increased by 20% to 30%, stabilising around £11,500–£13,500 ($13,800–$16,200) despite recent minor corrections. Retail prices hover near £9,200 ($11,000), with dealer waiting lists reinforcing its demand.
Global Market Insights and Collector Perspectives
Together, the green Submariner trilogy—Kermit, Hulk, and Starbucks—has outperformed the broader Submariner range, boasting value gains that range between 100% and 200% since 2020 compared to 50% to 60% overall. The Hulk leads in both visibility and trading volume, with prices surpassing £20,000 ($24,000) at their peak in 2022. Conversely, the Kermit’s resurgence underlines its historical importance, while the Starbucks maintains premiums above retail, cementing its position as a modern collector favourite.
These models intertwine technical achievement, design evolution, and collector demand. Rolex’s approach of limiting production ensures scarcity, thereby reinforcing their appeal at global auctions. The brand also maintains rigorous quality standards throughout manufacturing to meet exacting expectations. However, market volatility and authentication concerns remain important considerations for buyers and investors.
Looking forward, analysts predict annual appreciation rates between 8% and 12% through 2026. The Hulk continues to dominate collector interest, Kermit’s market position looks set to strengthen further, and Starbucks is well placed to become a future standard. Their appeal endures due to a combination of heritage, market interest, and proven quality.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Prices and market conditions may change. Readers should conduct their own research before making any purchase decisions. The Exclusivist accepts no responsibility for any outcomes arising from the use of this information.
