Good to know but legally the old bezel is yours.
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Yup, it is still yours but Rolex SC would normally not let you have it. It's just one-to-one swap. But you could ask really nicely and hope that they make an exception for your case. The 116710 warranty card these days register the info very accurately so switching from LN to BLNR/BLRO would be a no-no, but the earlier 16710's papers do not register the A (Coke), B (Pepsi), or C (All-Black) in the registry. So, I have heard of cases whereby they would accommodate swaps between A and B or vice versa, provided the watch came in with either one of those original bezel inserts. But if it's an All-Black, then they would just go back to black.
And yes, that was the original Pepsi bezel insert that came off the watch after having served alongside the watch for 18 years. The fading was even and the insert was unmarked, so no harm in asking if they could let you retain it for old time's sake. And if you were a repeated customer over the years and would not flip off the faded insert (a grey reseller offered RM1k to buy off the insert when I wanted to flip the 16710), you might just get lucky. No harm in asking them really.