What is a grey market iPhone?

Apple sells the new iPhones in India at prices that are as much as Rs 14,000-16,000 higher than in markets such as the US, the Middle East, Singapore and Hong Kong, from where the grey market models are mostly sourced. That gives grey market sellers in India sufficient cushion to aggressively price their models.

Do grey market iPhones have warranty?

These iPhones are imported from Other Foreign Countries which don’t have warranty and still shows one year warranty details but you won’t get it in India.

What is a gray market phone?

A phone that can barely last after two or three years of usage is not conducive to a vibrant used market. Strong demand for refurbished iPhones. Many of Apple’s competitors lack a vibrant gray market given the lack of customer demand for refurbished products from that brand.

Will iPhone manufacturing in India reduce price?

–Another reason why local manufacturing may not impact iPhone 13 prices in India is as the model will only be assembled in the country and there is barely any local sourcing of components. As a result, the cost of production doesn’t really drop, even in the case of local manufacturing.

Is grey market legal in India?

Although grey markets are not illegal, they are not authorized or controlled in the usual way. That means SEBI, stock exchanges and brokers are not involved or back these transactions taking place in the grey market. Therefore, there’s little legal recourse available to parties if the stock tanks.

Is gray market illegal?

The gray market is an unofficial one but is not illegal. The term “gray market” also refers to the import and sale of goods by unauthorized dealers; in this instance as well, such activity is unofficial but not illegal.

Is it OK to buy a refurbished iPhone?

Yes, refurbished Apple products are 100% functional. All their components work like new. Refurbished Apple products will always have 100% of their parts in complete working condition, from the screen of an iPhone to the battery of an iPad or the charger of an Apple Watch. Same as their brand new counterparts.

What is the GST on iPhone?

The counterpoint of this is 18 per cent GST, which is standard across India and is included in the maximum retail price. Of the Rs 69,900 iPhone 13 mini, the GST alone amounts to Rs 10,662.71. This had been added over and above the cost of the iPhone, which also includes custom duties.

Why is iPhone so costly in India?

For the premium iPhones, the price gap between India and other countries is pretty high–around 40 percent. Experts suggest that the higher price in India is a combination of high import duty, 18% percent GST, other fees, and Apple’s own profit margin.

How can I buy from grey market?

In simple terms, if you have a demat account but you don’t want to subscribe an IPO, you can sell your application to an interested buyer in the grey market. Under these circumstances, your application will be subscribed by the buyer on your behalf and she will pay you a certain amount for that.

What is grey market price?

Grey market premium or GMP is a premium amount paid at which initial public offering (IPO) shares are traded before it is listed on the stock exchanges. For instance, LIC fixes its IPO price at Rs 90 per share and its IPO GMP is 50, then the organisation will get listed at Rs 140.90.