What it is
The Caliber 3186 is the Cal. 3135 architecture with a true-GMT module bolted on top: when you pull the crown to the second click, the local hour hand jumps independently in 1-hour increments while the 24-hour hand and minute hand keep running as the home reference. This is the definition of a "true GMT", as opposed to a "caller GMT" where the 24-hour hand is the one that adjusts. It launched in 2007 in the new GMT-Master II reference 116710LN (black ceramic Cerachrom bezel), replacing the earlier 3185 caliber that had powered the steel GMT-Master II 16710 from 1989-2007.
What is unusual about it
Three things. Parachrom Bleu hairspring: the niobium-zirconium-oxygen alloy with the blue oxide coating, paramagnetic, more shock-resistant than steel Nivarox. Rolex rolled it across the GMT line from c.2005-2007. True GMT: most modern Swiss GMT calibers (Tudor MT5652, Longines L844.4, Omega 8605) are caller GMTs; the 3186 is the gold standard for the original Rolex GMT-Master design philosophy. Indirect-drive local hour: the local-hour hand is driven through an additional intermediate wheel that allows it to jump in 1-hour increments without disengaging the rest of the gear train. This is what makes the crown action so positive and the date pivots correctly when the local hour crosses midnight.
"3186 vs 3187"
The Cal. 3186 launched in 2007. Around 2010-2012 Rolex introduced the Cal. 3187, a minor revision with refined finishing and slightly tighter regulation. Both calibers are in essentially the same family and share parts; collector and service-centre conversation often uses "3186" as the umbrella term. Both were superseded in 2018 when the new Cal. 3285 launched alongside the redesigned GMT-Master II 126710 (Pepsi BLRO on Jubilee bracelet, then Sprite GRNR, etc).
Watches it powers
GMT-Master II 116710LN (steel, black Cerachrom bezel, 2007-2018), 116710 BLNR ("Batman", blue/black Cerachrom, 2013-2018), 116719 BLRO (white gold "Pepsi", red/blue Cerachrom, 2014-2018), 116713 (Rolesor steel/yellow gold "Root Beer"), 116718 (full yellow gold), 116769 (platinum). All retired in 2018 when the redesigned 126710 family launched with the new Cal. 3285. Pre-owned values for the 116710 family are now firm collector territory; the BLNR Batman trades CHF 13-16k pre-owned (vs CHF 11k retail in 2018), the BLRO "Pepsi" 116719 in white gold trades CHF 35-50k.
Service notes
Service for a 116710-family GMT-Master II runs CHF 700-900 at Rolex, with a 2-year warranty. The 3186/3187 is parts-supported through Rolex's service network worldwide; independent watchmakers can service it with familiar 3135-family tooling for the base movement, but the GMT-specific module parts remain restricted to authorised channels. Service interval target: 10 years, same as the broader 3135/3235 family.
Where it sits in modern Rolex
The 3186/3187 is the immediate predecessor to the Cal. 3285. The 3285 keeps the same true-GMT architecture but adds the Chronergy escapement (~15% efficiency gain) and stretches the power reserve from 48 to 70 hours. For a buyer, the 116710 family with the 3186 is now firmly in the pre-owned-collector tier; the 126710 with the 3285 is the current allocation-restricted production model. Both are excellent watches; the 3186 is mechanically simpler, the 3285 is technically newer.