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gray market

a market operating within the law but charging prices substantially below list prices or those fixed by an official agency.
Compare black market.
Origin of gray market
First recorded in 1945-50 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2018.
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gray market

noun phrase

The sale of reputable products, esp cameras and electronic equipment, by persons who have not bought them from the manufacturers' authorized distributors and hence offer lower prices because the products do not qualify for the makers' guarantees: There is a growing ''gray'' market for Levi's (1960s+)

The Dictionary of American Slang, Fourth Edition by Barbara Ann Kipfer, PhD. and Robert L. Chapman, Ph.D.
Copyright (C) 2007 by HarperCollins Publishers.
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