Skip to content
Subscriber Only

Russian Gray Market Offers Yuppies Smuggled IPhone 5 for $3,700

The iPhone 5 is priced at as much as 115,000 rubles ($3,700) in the Russian gray market, topping previous models as Web vendors bet on demand from the country’s wealthy ahead of the redesigned device’s official release.

“Small companies in the gray market are trying to skim the cream off,” said Vladislav Zavyalov, a marketing manager at re:Store Retail Group, an official seller of Apple Inc. gadgets with 94 stores in Russia and Europe. “The Russian yuppies are ready to pay this money to get the hottest stuff first.”