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1.
Halfway between the white market (completely legal) and black market (completely illegal). The gray market sells products which are legal to own, but can be used illegaly or are illegal to use completely.
In Virginia, police radar detectors are gray market items because it is legal to own one, but illegal to actully use it.
by IrishRepublicanArmy June 05, 2004
 
8.
The term used by marketing people to describe potential buyers of old-age.
They gray market buy a lot of viagra.
by BoJay August 27, 2005