Why is Rolex GMT so expensive?

Could you elaborate on the reasons behind the significant price tag of the Rolex GMT? From what I understand, it's a highly sought-after timepiece, but what specific factors contribute to its remarkable cost? Is it the intricate craftsmanship, the use of premium materials, or the brand's legacy and reputation? I'm curious to know if the GMT's dual time zone functionality adds significant value, or if it's primarily a matter of limited production and exclusivity? Additionally, how does the Rolex GMT's pricing compare to other luxury watches in its class? I'd appreciate a comprehensive breakdown of the key reasons behind its esteemed price tag.