I guess it is self evident how the name came about. The bezel is two toned, blue and red.
Just in case you ask why the red is more pinkish than red, well my friend who owns this watch had gone to the pool and this is the work of the chlorine. Blue is still blue, but the red...
A close up view of the watch.
Seen here with my Grand Seiko dual time piece the SBGM003.
The GMT Master is truly a utility timepiece. And an iconic one at that.