Apple’s latest heartthrob, iPhone5 will officially make it to the Indian stores, months after its release in the U.S. Even though India has a huge Apple fan base, the Cupertino giant never considered the country in its priority list.
But for the impatient Indian fans, who can’t wait for a firsthand experience of this phone, there is another option- an option to get iPhone5 on the very next day of its U.S. release of September 21- Yes, the vast Indian grey markets!
India bought some of the first official Apple products from Mukesh Ambani’s Reliance group only in 2007. But even years before that, grey markets such as Palika Bazaar in New Delhi, Fancy Market in Kolkata, Heera Panna in Mumbai and Burma Bazaar in Chennai were already selling all the products on the Apple catalogue, reports Business Standard.
Apple fan’s first choice in the country will be New Delhi’s Ghaffar Market, Karol Bagh, Palika Bazaar and Nehru Place, while Mumbai’s Heera Panna, Alpha and the famous Chor Bazaar are often found retailing smuggled Apple goods.
But do not expect a negotiable price for the latest “hottest” item, iPhone 5, which is expected to retail at a premium in all these markets, promising thriving business for them in coming weeks.
Off late, Apple has been realizing the thriving market for its smuggled products in India and as a result, is trying to make the official time gap as low as possible. But if the time gap between US and India is more than a month, many buyers are willing to pay a massive premium - sometimes even double the price – just to get the product within 24 hours of its launch.
According to a product executive who replied to Business Standard, “it is likely to take two months for the product to be made available in India officially. However, we are getting huge number of enquires about the iPhone 5 from existing Apple users as well as new customers.”
But according to Firstpost, even if the product is officially made available in India, some customers still follow the grey market routine, because the grey markets drop their prices as soon as the product “officially” reaches the country. Moreover Apple prices the product at least 20 percent higher than what it is in the U.S.
Also, most of the Indian telecom vendors don’t satisfy people, who are looking for a cheaper iPhone deal. As a result, either they buy it abroad and unlock it in India or they’ll depend the grey markets for avoiding import duties and tax.
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