Entrepreneur Dan Caten spotted wearing a Rolex

Dan Caten, co-founder of the Milan-based luxury fashion house DSquared2, was photographed at a formal industry event wearing one of the most extravagant GMT-Master II configurations in existence — an 18k yellow gold example with a fully gem-set bezel featuring alternating baguette-cut rubies, sapphires, and diamonds in place of the standard ceramic insert. It is precisely the kind of watch you would expect on a man whose entire professional identity is built around maximalist luxury.

The watch on Caten's wrist is based on the Rolex GMT-Master II reference 116758SANR — or a closely related gem-set variant — built on the Cal. 3186 automatic movement (later iterations use the Cal. 3285 with the Chronergy escapement). The GMT-Master II complication allows independent setting of the 24-hour hand for a second time zone, a function born from Rolex's 1954 partnership with Pan American Airways. The black dial with luminous dot and baton indices sits beneath a scratch-resistant sapphire crystal, the case measuring 40mm in 18k yellow gold with an Oyster case and Oyster bracelet featuring the Glidelock extension system.

What separates this piece from a standard gold GMT-Master II is the bezel. The alternating blue sapphire and red ruby baguettes, separated by white diamond baguettes, are either factory-set by Rolex's in-house gem-setting atelier or produced by a top-tier aftermarket specialist such as Artisan de Genève or a certified Rolex dealer. Either way, the modification transforms an already serious watch into a full jewellery statement. Collectors debate gem-set Rolexes sharply — purists avoid them, but the high jewellery market embraces them as wearable art.

Caten's watch sensibility aligns entirely with the DSquared2 aesthetic: theatrical, uncompromising, rooted in craftsmanship. The Canadian-Italian designer has long understood that accessories carry narrative weight on and off the runway, and a yellow gold GMT festooned with rubies and sapphires communicates the same vocabulary as his label's red-carpet tailoring.

On the secondary market, a yellow gold GMT-Master II with this level of gem work trades significantly above standard retail. Clean examples with provenance have changed hands between $42,000 and $75,000 depending on stone quality and whether the gem-setting is factory-origin. For collectors, the appeal is niche but genuine — there is simply nothing else quite like it in the Rolex ecosystem.