One of Rolex's most iconic models just got a huge update

It's always news when Rolex drops an update for one of the iconic models in its lineup, and this year is no different.

A huge update to a model on the higher end, the Rolex Cosmograph Daytona, had watch geeks freaking out at Baselworld, the world's largest watch industry fair held in Basel, Switzerland, in March.

In fact, journalists were "practically drooling" when this new Daytona Rolex was announced, according to Bloomberg.

In reality, the differences are pretty small compared to the 2015 Rolex Daytona. However, the last time the watch was updated was way back in 2000, and any change to a Rolex watch is a huge deal in the watch world.

The biggest difference for the new version is the black ceramic bezel (the circle around the watch face) which hearkens back to 1965, when the first Daytona was released with a black plexiglass insert.

The new bezel is made out of a material called Cerachrom - a proprietary alloy Rolex has developed in-house. It includes scratch and UV-blocking properties, which means it will never scratch or fade. The numbers in the bezel also read in a circle, instead of horizontally.

Inside is the same self-winding caliber 4130 movement from previous Daytonas, which keep flawless time and has a power reserve of 72 hours.

Oh, and it comes in black now, as well as green and blue.

The Daytona will retail for about $12,200, though when it will be available has not yet been revealed. For more information, check out Rolex's website.