Gray market
From The Glossary of Digital Photography
Refers to goods sold legally (thus not black market) but not through the manufacturer's authorized distributors. Goods are purchased in a country that has a favorable wholesale price and then exported to the country where they are sold in order to provide lower pricing. Sometimes warranties will be honored only in the original country and not in the third country, where goods were purchased. Some camera stores in New York City will advertise using the terms USA and gray to distinguish between the two items. In some cases the product or packaging is slightly different, or the manual may not be in English.
