What does “Grey Market” mean?

The grey market is the trade in genuine watches outside a brand's authorised distribution. A grey dealer is not an authorised dealer for the brand but sells real watches, often new or unworn, sourced from other dealers, from collectors, or from authorised retailers who sell stock on. It is not the same as counterfeit: the watches are authentic, only the sales channel is unofficial. American English spells it 'gray market'.

Grey dealers fill the gap when demand runs ahead of supply at authorised dealers, so in-demand models can sell above retail through them, while slower models can sell below retail. For a buyer the main points to check are the warranty card (whether it is filled in and dated, and therefore when the warranty started), whether the full set is present, and the seller's reputation. Some brands monitor where their new watches end up and can act against authorised dealers who pass stock to the grey market, which is one reason grey stock sometimes arrives with the dealer details left blank.

Example: 'Grey dealer stock, unworn, card dated this year, full set, ships once the wire clears.'