Rolex, Yacht-Master, Midsize, "Onyx", "Swiss Only", ca 1998.

Launched in 1992, the Yacht-Master marked Rolex’s return to the luxury nautical segment – not as a tool watch like the Submariner, but as an elegant sports watch intended for life both on deck and ashore. While it shared design DNA with its dive watch sibling, the Yacht-Master introduced softer lines, more precious materials, and a more refined overall appearance.

The midsize reference 68623, introduced shortly thereafter, features a 35mm Rolesor case (stainless steel and 18k yellow gold), a bidirectional rotating bezel with raised numerals, Beneath the surface beats the chronometer-certified automatic calibre 2135, known for its reliability and compact size.

The example offered here is of particular interest to collectors. It features a rare dial variant with applied onyx hour markers – small, black cabochons set in gold frames – offering a subtle but striking contrast against the whie dial. Adding to its appeal is the “Swiss only” marking at 6 o’clock, a detail that signals the dial was produced during a narrow transitional period in the late 1990s, shortly after Rolex switched from tritium to Luminova for luminescence but before the “Swiss Made” designation became standard again.