Apple India saw sales grow by 93% during the October-December quarter against the same period a year ago, as restrictions on international flights prevented frequent fliers from buying the devices abroad at lower prices. This was the highest growth in sales recorded by Apple in India but not cause for much excitement in Cupertino even though Apple CEO Tim Cook made a special mention of sales in India in his quarterly analyst call.
According the Financial Express, trade analysts estimate that around 65-70% of iPhones sold in India are not sold through normal retail channels. Grey marketers travel to countries like the US or the UAE on a regular basis, buy devices there and sell them in the Indian market. The price difference due to such arbitrage can be as much as 40%. For instance, the iPhone 12 (256 GB) costs Rs 15,065 more in India than in the UAE, while the iPhone 12 PRO (512 GB) costs Rs 35,377 more.
