Rolex Cellini "Bouclier" Ref.4670 Baguette Bezel 3.08ct Pavee Dial from 1981

What we have here is none other than the second most expensive watch Rolex offered in 1981, surpassed only by the mythical Reference 4672 with baguette diamonds and diamond-set center links. Both were out-of-catalogue pieces built around an oversized 33mm Cellini case, which, at the time, represented the largest watch Rolex produced within the Cellini line.

Between 1981 and 1982, Rolex appeared to experiment heavily with the Cellini collection, introducing a series of highly unusual and gem-set references exclusive to this short period. Examples include the Reference 5085 with ruby-set bezel, as well as octagonal gem-set models such as the Reference 4951 “Octopussy” and the Reference 4054 “Rainbow,” to name a few.

In 1981, the Reference 4670 retailed for approximately three times the price of a King Midas Reference 4315. The original catalogue image from which this information was obtained is denominated in Spanish pesetas; after currency conversion, this watch retailed for roughly $50,000 USD in the early 1980s, an extraordinary sum for the period.

Interestingly, most of these special references are found within the 6.9 million serial range, with the exception of Khanjar dial examples, which appear to be earlier and were most likely special commissions. This could also explain why some early gem-set Cellini models in both octagonal and “Bouclier” cases share reference numbers with more standard production watches.

The Octagon case was introduced in 1976, although significantly less information exists regarding the Bouclier case. In fact, documented information on this model remains extremely limited. We nicknamed it “Bouclier,” the French word for “shield,” due to its unusual bezel design—an inverted eight-sided octagon with softened edges that feels both geometric and organic.

On the wrist, this watch wears remarkably similarly to a 33mm Royal Oak and is exceptionally comfortable. The bracelet features several removable links, and its flat-link construction, reminiscent of the Day-Date Oysterquartz makes it surprisingly ergonomic.

Another detail that truly sets this watch apart is the contrast between the bold, oversized baguette-cut diamonds on the bezel (3.08 carats) and the pavé diamond dial, balanced by the warmth of brushed gold throughout. There are no polished surfaces here, just texture, weight and character.

Brand: Rolex
Model: Cellini
Reference: 4670
Year of Manufacture: 1981
Material: 18k Gold
Dimensions: 33x40mm
Crystal Material: Sapphire
Movement Type: Hand Wound cal.650
Serial: 6,935,2xx
Mechanical Functioning Warranty: 6 Months

Comments: The watch is in optimal mechanical and aesthetic conditions, fits a 7 1/4 inch wrist (18.5cm) movement has been serviced in may 2026.