BT Exclusive: Customers flock to the grey market to purchase cheaper iPhones 15 Pro, Pro Max in India

In a remarkable trend, India has consistently secured its position in the first wave of iPhone launches. As Apple’s latest models hit the global market, Indian iPhone enthusiasts rejoice because of the simultaneous release. However, this excitement is tempered by a stark reality—the eye-popping prices for the iPhone 15 Pro and iPhone 15 Pro Max. As India’s iPhone 15 Pro and Pro Max prices soar above US pricing, India’s Grey Market is again abuzz with bookings for the new Pro models.

The price in the US starts at $999 for the iPhone 15 Pro and $1,199 for the iPhone 15 Pro Max before taxes. In comparison, Apple’s official pricing in the Indian market, including taxes, starts at Rs 1,34,900 for the iPhone 15 Pro and Rs 1,59,000 for the iPhone 15 Pro Max. This has resulted in a substantial price disparity of approximately Rs 45,000 for the Pro variant and around Rs 50,000 for the Pro Max model between the US and local prices, creating a frenzy of bookings for these two devices in the grey market again.

Dealers in Delhi’s Gaffar market have confirmed accepting bookings for iPhone 15 Pro for Rs 1,15,000 and iPhone 15 Pro Max for Rs 1,29,000, which is approximately Rs 20,000 and Rs 30,000, respectively, lower than the India retail price. The grey market dealers claim to be able to hand-over these pre-booked units within the month of September 2023.

A dealer in Delhi’s Gaffar Market, on condition of anonymity, confirmed to Business Today that within 12 hours of the India price announcement, he had received over 150 bookings for the iPhone 15 Pro at a non-refundable booking price of Rs 15,000. The demand for the iPhone 15 Pro Max is even higher with over 240 bookings at non-refundable booking price of Rs 25,000. The trend was similar in Mumbai’s Heera Panna market. Apple’s international warranty will be applicable on these iPhones as well as they will be sourced from different parts of the world. This makes it easier for the consumers to buy from grey market as well.

Dealers in both Delhi and Mumbai confirmed that there is a great interest in the new Pro models due to the all-new Titanium design with demand for natural and blue titanium colour.