Explorer two-tone 124273 specifications
The 124273 shares its case, calibre and dial layout with the steel Explorer 124270. What differs is the metal: solid 18k yellow gold for the bezel, crown, centre links, numerals and hands.
| Reference | 124273 |
|---|---|
| Collection | Explorer & Explorer II |
| Status | Current production |
| Introduced | 2021 |
| Case diameter | 36 mm |
| Case material | Yellow Rolesor (Oystersteel and 18k yellow gold) |
| Bezel | Smooth domed, 18k yellow gold |
| Dial options | Black lacquer with yellow-gold 3-6-9 numerals |
| Crystal | Sapphire, no Cyclops (no date) |
| Calibre | 3230 |
| Movement | Automatic, no date, Superlative Chronometer (-2/+2 s/day), Chronergy escapement, blue Parachrom hairspring, Paraflex shock absorbers |
| Power reserve | 70 hours |
| Water resistance | 100 m |
| Bracelet / strap | Oyster in yellow Rolesor (gold centre links); Oysterlock safety clasp with Easylink |
| Retail price (US) | US$14,600 |
| Retail price (Malaysia) | RM63,200 |
Specifications checked against Rolex and independent references, October 2026. MYR figures marked ≈ are converted at 4.08 MYR per USD.
Rolex does not publish a thickness for the 36 mm Explorer case. Expect the same water resistance and screw-down crown as the steel model, so the gold does not make it a delicate watch.
History and reference evolution
For almost seven decades, the Explorer was essentially a steel watch. Its whole identity rested on the idea of a plain instrument for climbers and scientists. So when Rolex unveiled the 124273 in 2021, it broke with that history. It is the first two-tone Explorer ever made.
A new branch, not a successor
The 124273 has no predecessor. It launched alongside the steel 124270 and shares that model's 36 mm case and calibre 3230. Rolex applied its Rolesor recipe, already familiar from the Datejust and Submariner, to the Explorer for the first time. The domed bezel, Twinlock crown and middle row of bracelet links are gold. In addition, the 3-6-9 numerals and the hands are yellow gold filled with Chromalight.
The result looks more like a sports-dress hybrid than an expedition tool. That shift explains both its appeal and its price behaviour.
Why the history matters for value
Because it has no lineage, the 124273 lacks the collector pull of older Explorer references. Buyers cannot point to a vintage ancestor or a famous wearer. Also, its list price is almost double the steel watch, even though the gold content is modest. Consequently, secondary demand has stayed thin since launch. A future discontinuation could change that, as rare one-generation models sometimes attract interest later. Still, nothing in the market today suggests a rebound, so buy on taste rather than speculation.
124273 pre-owned prices compared
This is where the two-tone Explorer 124273 parts company with almost every steel Rolex. US retail is US$14,600, and Malaysian retail is RM63,200, yet every condition band below sits under list.
| Condition | What it means | USD | MYR (approx.) |
|---|---|---|---|
| Unworn, full set | Stickers or barely worn, box, card dated within ~2 years, all tags | US$11,000 – US$12,500 | RM45,000 – RM51,000 |
| Excellent, box & papers | Light wear, unpolished or lightly polished, warranty card present | US$9,800 – US$11,500 | RM40,000 – RM47,000 |
| Good, no papers | Normal wear, watch only or box only, service history helps | US$8,300 – US$10,600 | RM34,000 – RM43,000 |
| Polished or aftermarket parts | Soft case edges, replaced dial/bezel/bracelet, or non-Rolex parts | US$7,100 – US$9,800 | RM29,000 – RM40,000 |
Bands reflect asking and achieved prices from 2 public market sources in October 2026, rounded. Retail for comparison: US$14,600. Prices move; use them as a sense-check, not a quote.
What moves the price of this reference
Gold centre links wear faster than steel. Over a few years they stretch, and the bracelet starts to sag on the wrist. Therefore, check the bracelet carefully, since a tight one adds real value. A full set matters too, although it moves the price less than on hot steel models.
The domed gold bezel is the other big factor. Gold is soft, so the bezel scratches easily. Many owners have it polished, which rounds the dome and removes metal. A crisp, unpolished bezel is therefore worth paying up for.
Where to check prices
Authorised dealer retail is a reference point here, not a target. Few informed buyers pay RM63,200 when the same watch sells for far less a year later. Grey dealers usually price close to marketplace levels for this model, because they struggle to move stock at higher asks. On marketplaces, compare sold prices for unworn pieces with stickers against worn pieces, since the gap is meaningful. WatchCharts tracks the 124273 and shows how flat the curve has been.
In Malaysia, two-tone Explorers appear only occasionally in local listings. As a result, you may need to look at Singapore or Hong Kong dealers. Factor in travel, refunds and import declaration before celebrating a headline price.
When a price is too good to be true
A complete 124273 with box and card below about US$7,000 (roughly RM28,600) is a red flag. That undercuts even the polished band. At that level, the most likely explanation is a plated replica, or a genuine head fitted with a non-Rolex bracelet.
Genuine vs replica: how to check a 124273
Two-tone replicas share one weakness: real gold is expensive, so fakes use plating. That gives you checks that do not exist on the steel Explorer.
Gold that behaves like gold
On a genuine 124273, the bezel, crown and centre links are solid 18k yellow gold. Wear simply makes them duller or scratched; it never reveals a different colour underneath. By contrast, plated steel or brass starts to show through at sharp edges. Check the bezel rim, the crown flutes and the link edges near the clasp. Also, compare the colour of the bezel, crown and links in daylight. They should match, with a warm yellow tone rather than a brassy one.
Dial and lume
The applied 3-6-9 numerals and the hands are yellow gold, filled with Chromalight. So the lume should glow blue in the dark. The black dial is glossy lacquer, and the gold numerals should have clean, sharp edges.
Genuine: lume colour and application
- Modern pieces glow blue (Chromalight) and stay bright for hours
- Every marker and hand glows at the same intensity
- Lume plots filled neatly to the edge of the surround
Warning signs
- Green or mixed-colour glow on a modern reference
- Hands and markers fade at different rates
- Overfilled or thin, lumpy plots under a loupe
Crystal, rehaut and case
Use a loupe to find the small coronet lasered into the crystal just above the 6 o'clock marker. Then check the rehaut, which is engraved ROLEX ROLEX with the serial number at 6. The crown has no guards, and the caseback is plain and screw-down.
Genuine: laser-etched crown at 6 o'clock
- Made of tiny dots, hard to find without a loupe
- Sits in the crystal just above the 6 o'clock marker
- Present on most Rolex crystals from the early 2000s onward
Warning signs
- Bold and frosted, easy to spot head-on
- Solid lines instead of a dot matrix
- Off-centre, or placed on a reference/era that would not have it
Finally, test the Oysterlock clasp and its 5 mm Easylink extension. The stamping should be crisp, and the action firm.
Genuine: clasp and bracelet machining
- Crisp transitions between brushed and polished surfaces
- Clasp blade and logo cleanly milled, not stamped-looking
- Bracelet links tight, quiet, no rattle; screws not pins on modern pieces
Warning signs
- Polishing bleeds over brushed edges
- Fuzzy logo, uneven font, or stamped-in look
- Loose links, sharp burrs inside the clasp, cheap spring-loaded feel
What only a watchmaker can confirm
With the caseback off, a watchmaker can confirm calibre 3230 and its engraved bridges. They will also look for the blue Parachrom spring and Chronergy escapement that Rolex uses in this calibre. In addition, a jeweller or service centre can test the gold parts without damage. Our real vs fake Rolex guide walks through the full process. Read the Rolex materials guide for more on how Rolesor is built.
Who the 124273 suits, and the alternatives
The Explorer two-tone 124273 suits a buyer who wants a little warmth on a small, sporty watch. It works especially well on wrists of roughly 15 to 17 cm (5.9 to 6.7 in). It also suits buyers who would pick a two-tone Datejust but prefer a dial without a date. For buyers in Malaysia, the large pre-owned discount makes it one of the better-value gold Rolex models.
However, if the gold is not essential, the steel Explorer 124270 costs much less and holds value better. A larger wrist may prefer the Explorer 40 224270. For a two-tone watch with a date and more resale strength, the Datejust 36 126233 is the obvious rival. Our Explorer vs Explorer II comparison explains the wider family, and the used Rolex price guide shows how gold models depreciate.
Explorer 36 124270
The 36 mm steel Explorer with calibre 3230. Trades close to its US$7,900 list price.
Explorer 40 224270
The 40 mm steel Explorer from 2023. Same calibre 3230 as the 36, for larger wrists.
124273 FAQ
Why is the two-tone Explorer 124273 cheaper pre-owned than new?
Demand never matched the list price. Explorer buyers tend to want plain steel, and two-tone buyers often choose a Datejust instead. With retail at US$14,600 and excellent full sets around US$9,800 to US$11,500, the first owner absorbs most of the depreciation.
How much is the Explorer 124273 in Malaysia?
The Malaysian list price is RM63,200 in October 2026, confirmed at Kuala Lumpur authorised dealers. A pre-owned full set in excellent condition converts to roughly RM40,000 to RM47,000. That gap is wider than on almost any other current Rolex we track.
Is the 124273 solid gold or gold plated?
Neither entirely. Rolesor combines Oystersteel with solid 18k yellow gold. On the 124273, the bezel, crown and bracelet centre links are solid gold, as are the applied numerals and hands. The case middle and outer links are steel. Nothing on a genuine example is plated.
Is the two-tone Explorer a good investment?
No, not as a financial asset. It loses a large share of its list price on first sale. However, pre-owned buyers now enter near the bottom of that curve, so future losses should be smaller. Buy it because you like gold on a tool watch, not for returns.
Does the 124273 wear differently from the steel 124270?
The case size is identical, but the gold parts make it noticeably heavier on the wrist. The yellow bezel also catches light, so it reads as a dressier watch. In short, it is the same shape with a very different personality.
Last updated . Written and fact-checked by the Rolex Malaysian editorial team. Specifications and prices are re-checked quarterly.