Rolex Explorer Two Tone

Buying Advice

About the Two-Tone Rolex Explorer

There is exactly one two-tone Explorer, reference 124273, and Rolex waited sixty-eight years to make it. That fact is most of what a buyer needs to understand, because a line that spent its entire history as a steel-only tool watch does not add gold casually, and the reaction when it did was not universally warm. Everything we stock is checked over by our watchmakers and ships with the WatchGuys 2 Year Warranty. For the wider family, see our Rolex Explorer collection, or the full reference timeline in our Explorer reference breakdown.

One Reference, and It Took Sixty-Eight Years

The Explorer launched in 1953 and stayed in steel through every generation until 2021, when Rolex introduced the 124273 in yellow Rolesor alongside the steel 124270. No Explorer before it had been offered in any other material, and none has since. That makes this the only two-tone reference in the model's history and, unless Rolex expands the line, the only one there is going to be. It also means the usual two-tone question of which gold to choose does not arise here. There is no Everose Explorer and no white gold Explorer. Yellow Rolesor is the entire field, which makes this the simplest two-tone decision Rolex offers.

Where the Gold Actually Sits

Worth being specific, because the Explorer carries gold differently from every other Rolesor sports model. On a Submariner or a GMT-Master II the gold bezel is the visual anchor, a large ring of precious metal that dominates the watch. The Explorer has a smooth, narrow, domed bezel with no engraving or insert, so gold there registers as a thin bright line rather than a statement. What actually carries the effect is the bracelet: the centre Oyster links are 18k yellow gold running the full length of the watch, and that is where most of the visual weight lands. The crown is gold too. The result reads as warmer and more subtle than a two-tone diver, which is either the point or the problem depending on your view.

The Dial Changed Too

This is the detail most descriptions skip and it matters more than the bezel does. On the steel 124270 the 3, 6, and 9 numerals and the applied markers are white gold, reading as bright silver against black. On the 124273 they are yellow gold, which shifts the entire dial warmer and ties it to the bracelet. The hands follow suit. Because the Explorer dial has so little on it, changing the colour of everything that is on it changes the watch considerably more than the same swap would on a busier dial. If you are comparing the two references from photographs, look at the dial furniture rather than the bezel to understand what you are actually choosing between. Compare the alternative in our black Explorer collection.

It Divided Opinion, and That Matters Commercially

Worth saying plainly rather than working around. The Explorer's identity is built on being the Rolex that does not announce itself, and a substantial part of the enthusiast audience read gold as contradicting the entire premise. Others took the opposite view, that a 36mm two-tone Explorer is a genuinely elegant watch and that the tool-watch purism was always somewhat performed. Neither camp has gone quiet. The commercial consequence is real: demand for the 124273 has been softer than for the steel 124270, and that shows up directly in what it costs to buy one. Whether that is a reason to avoid it or a reason to buy it depends on whether you are buying the watch or the consensus.

Thirty-Six Millimetres Only

The two-tone Explorer exists in 36mm and nothing else. When Rolex added a 40mm Explorer I in 2023 it did so in steel only, so there is no larger two-tone option and no indication one is coming. For buyers that narrows the decision usefully: if 36mm suits you, the 124273 is available, and if it does not, two-tone is not an option in this model at all. The 36mm case also suits the configuration better than a larger one would, since gold adds visual weight and a bigger two-tone Explorer would read considerably louder. Compare sizing across the catalogue in our 36mm Rolex collection.

Two-Tone Explorer Price

This is where the reference gets genuinely interesting. Because it carries real gold content, the 124273 retails for considerably more than the steel 124270. Because demand for it is softer, the secondary market has not applied the premium it applies to steel Rolex sports models, and the two-tone Explorer is one of the few steel-and-gold Rolex sports references that can be found trading at or near its retail figure rather than well above it. That is unusual and it is the strongest practical argument for the watch: you are paying close to list for genuine 18k gold content in a Rolex sports model, which is not a sentence that applies to many references. Ask us for a current number rather than working from a published range, since this one moves.

Who It Is Actually For

Not the buyer looking for the safest resale, and the page would be doing you a disservice to suggest otherwise. Softer demand means slower resale, and a two-tone Explorer will take longer to move than a steel one. It suits somebody who wants a 36mm watch with genuine precious metal content that still reads as restrained, who likes the warm dial furniture against black, and who is buying to wear rather than to trade. On those terms it is one of the better value propositions in the current Rolex catalogue. On any other terms, the steel 124270 is the more sensible purchase, and the Explorer collection linked above covers it.

Trusted Dealer

Why Buy a Two-Tone Explorer From WatchGuys

A single recent reference in low volume, with gold on specific components rather than throughout, and pricing that sits closer to retail than most Rolex sports watches. The risks here are condition grading and being quoted a number based on what steel Rolex sports models do rather than what this one actually does.

Common Questions

Two-Tone Explorer FAQ

• Is There More Than One Two-Tone Rolex Explorer?

  No. Reference 124273 in yellow Rolesor, introduced in 2021, is the only two-tone Explorer Rolex has ever made. The model launched in 1953 and remained steel-only for sixty-eight years before it arrived. There is no Everose Explorer and no white gold Explorer, so yellow Rolesor is the entire two-tone field and the usual question of which gold to choose does not arise.

• Where Is the Gold on a Two-Tone Explorer?

  On the bezel, the crown, and the centre links of the Oyster bracelet, all in solid 18k yellow gold. The dial furniture changes too: the 3, 6, and 9 numerals, the applied markers, and the hands are yellow gold rather than the white gold used on the steel reference. Because the Explorer bezel is smooth, narrow, and domed, the bracelet centre links carry most of the visual effect rather than the bezel doing it.

• Is There a Two-Tone Explorer II?

  No. The Explorer II has been produced in steel only across all five of its generations, from the 1655 in 1971 through the current 226570. The two-tone configuration exists solely on the Explorer I as the 124273. So if you want gold in the Explorer family, you are choosing a 36mm time-only watch rather than the larger GMT-function model, and that is a decision about which watch you want rather than which finish.

• How Much Is a Two-Tone Rolex Explorer?

  Considerably more than the steel Explorer at retail, because of the gold content, but the secondary market has not applied the premium it applies to steel Rolex sports models. That makes the 124273 one of the few steel-and-gold Rolex sports references that can be found trading at or near its retail figure rather than well above it. Pricing moves on a reference this low in volume, so ask us for a current number rather than working from a published range.

• Does the Two-Tone Explorer Come in 40mm?

  No, it is 36mm only. When Rolex added a 40mm Explorer I in 2023 it did so in steel, and there is no indication a larger two-tone version is planned. The 36mm case arguably suits the configuration better anyway, since gold adds visual weight and a larger two-tone Explorer would read considerably louder than the model's character supports.

• Why Did Rolex Make a Gold Explorer?

  Rolex has not explained it, and the decision drew genuinely divided reactions. The Explorer's identity rests on being the Rolex that does not announce itself, and a substantial part of the enthusiast audience read gold as contradicting that. Others found a 36mm two-tone Explorer genuinely elegant and thought the purism was overstated. The commercial result is softer demand than the steel reference, which is what keeps the price closer to retail.

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