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 5, 2004
A non-tangible "market" in which one buys products that were made in another country and possibly were intended for use in another country.

Often these items are at a considerably lower cost than their American-made counterparts.

Can be spelled "grey market" or "gray market."
Photographer #1: I like your new Nikon camera.

Photographer #2: Yeah, it's great except for the fact that the menus are in Japanese.

Photographer #1: Ohhhh, you must've bought it on the gray market.
by tylerRAD March 23, 2006
An item purchased from an over-seas (non-US) dealer at a discounted rate, but lacking the manufacterer's warranty.
John bought his new video camera from a shady business online, but he saved $500 because he bought it on the gray market.
by andrew said thomas. March 23, 2006
Commonly refers to items being sold outside of the territory their manufacturer intended. Gray market products often come with different manuals or accessories from the domestic version, and frequently do not carry a manufacturer's warranty.
Q: Why is that online camera store so cheap?
A: They sell gray market cameras without warranties or acessories.
by anon-kjfjghdusyd March 23, 2006
Refers to a market in imported items that are legal to own but are not supported in the country they're being bought from.
I have a cousin in the UK who likes to send me movies, so I bought a gray market PAL DVD player to watch them.
by connorbd@yahoo.com March 23, 2006
The term used by marketing people to describe potential buyers of old-age.
They gray market buy a lot of viagra.
by BoJay August 28, 2005
"lets go to the gray market, perhaps we'll get some new golf shoes on the cheap!!!"
((Oh ya bleedin' rebel.....))
by Vicky Vengance March 23, 2006