Apple’s most expensive iPhone yet is proving so scarce that some Indian buyers are willing to pay ₹50,000 above its retail price to get their hands on one. With only about 6,000 units of the ₹2,99,900 iPhone Duo expected across India in its first week, the shortage is fuelling demand in the grey market, according to at least five retailers, industry stakeholders and analysts that Mint spoke with.
The limited availability comes despite significant demand potential. On 9 September, Mint reported after Apple’s unveiling that thecould sell 150,000 units in its first full year. Now, at least three retailers with direct knowledge of Apple’s distribution directives in India said only 6,000 units are expected to be available nationwide in the first week.
“There is always more demand than what we can meet with Apple’s top model each year, but it is true even more so this year because of the supply crunch. This is pushing many buyers—those who want the social bragging rights of being an Apple first-adopter, to seek devices from the grey market,” said the proprietor of a large Delhi-based electronics retailer, requesting anonymity due to their nondisclosure agreement with Apple.
A second Mumbai-based multi-brand retailer, who also requested anonymity, said many sellers outside the largest online platforms and large-format stores were “unsure if any supply will even come by this Friday.”
“Typically, we make requisition requests through Apple’s distribution partner. While we never get our full request due to supply rationing, we do get at least half of the stock that we ask for. This year, we’ve been told that while we asked for 100 units of iPhone Duo, we may get only five,” the second retailer added.
The iPhone Duo goes on sale on 23 October at ₹2,99,900. Apple launched it roughly two months after rival Samsung introduced the similarly shaped Galaxy Z Fold 8 on 7 August at ₹1.8 lakh.
Mint was the first to report on 23 June that this year could cost as much as ₹2.8 lakh, as brands deliberately separate premium and super-premium devices in their portfolios while chip prices squeeze margins.
Apple did not respond to Mint’s detailed email seeking comment.
This is prompting buyers to seek grey-market options. Typically, these are sellers that work outside of Apple’s authorized retail chain partners, affirmed Kailash Lakhyani, president of All India Mobile Retailers Association (Aimra). “Most of them deal in cash, offer no invoice or guarantees, and are outside of the massive retailer mainline retailer network that is legally recognized.”
Dubai and Singapore are the leading destinations for sourcing iPhone Duo units for India, according to the retailers and industry stakeholders Mint spoke with. Buyers typically pay a premium over the prevailing retail price in these markets in exchange for faster delivery.
“While the iPhone Duo’s current availability is that of the last week of January, grey market sellers lure buyers by claiming they’d deliver units to customers within a week or two. While this demand is not in hundreds or thousands, the phenomenon is popular among specific sellers because of the cash margin they generate,” the first retailer cited above said.
For iPhone Duo, the grey market premium ranges between ₹30,000 to ₹50,000 at the moment, Mint could learn.
Analysts and industry stakeholders said Apple’s top-end Pro Max models attract grey-market imports every year, but the iPhone Duo is proving to be an outlier.
“This phone isn’t for the average buyer. If someone is already ready to spend ₹3 lakh on a phone, throwing in another ₹50,000 is not a problem for them. It makes sense that some people will happily pay that premium just to have it as a status symbol,” said Manish Khatri, partner at Mumbai-based retailer Mahesh Telecom.
“We’ve seen strong spending power lately—for example, customers have comfortably purchased Vivo’s foldable phone for ₹2.2 lakh. Considering that, the demand for the iPhone Duo will likely surge once official units are finally in the market.”
Faisal Kawoosa, founder and chief analyst at market research firm TechArc, said the demand was likely to be specific to .
“It’s unlikely that you’d see absolutely any brand launch a phone and generate this kind of interest. Of course, sales will likely pick up pace as more marketing campaigns and public visibility increases of iPhone Duo. For now, many will wonder if the price tag is worth it. But, in the end, it is only Apple that can launch a phone at ₹3 lakh and still find buyers who will shell out an additional premium just for bragging rights,” he said.
