iPhone 6 selling at $3000 and more in ‘grey’ market

4The new iPhones are selling like hotcakes on the grey market where they are reportedly fetching around three times the original price.

Sheriff Rizwan, CEO and founder of ALSHOP.com, the first online retailer to sell the devices on Friday, said that it is a blockbuster sale so far.

“We got around 200 pieces on Friday afternoon and it was sold out within 20 minutes. Around 40 pre-booked customers flew in from Saudi Arabia, Qatar, Oman, Jordan and Kuwait to collect their devices,” he said.

“We got around 850 phones and only [a few] are left now” He said.

ALSHOP is selling the 128GB iPhone 6 Plus for Dh11,999 (3,299 USD) compared to Apple’s official price of Dh3,799.

“Prices are expected to stabilise after two days. We flew in around 20 people even with first class air fares from abroad to get the supply,” he said.

A market source said that some units were sold on Friday for Dh15,000 ($4000).

“Our stocks are completely sold out. We have sold around 400 units so far, mostly the iPhone6 as the iPhone 6 Plus was in [short supply],” said Naushad Pava, a customer service agent at mygsm.me.

“We are selling the 128GB to pre-booked customers for Dh4,000 ($1000) and Dh6,000 ($1600) for over-the-counter sales,” Pava said.

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