Want your iPhone 5 this week in Black, White or Grey?

Salman Khan will have the iPhone 5 on his table on September 22 right here, months before it will be released in India. Now, if you want the same bragging rights you can too, for a price.

Rs 1 lakh to be precise.

Pre-order bookings have taken off, 2 million units in just 24 hours. The 6th generation of the iconic device is already a hit in U.S. and in other countries, waiting time for it has now gone up to almost 2-3 weeks within a few days of its announcement.

The iPhone 5 has a lot going for it. Be it a bigger screen, lighter weight or thinner body. But the question remains — is it worth the huge premium that it commands on the grey market in India?

The official Indian launch is quite a while away (the 4S was available in India 51 days after its launch on October 4th, 2011), the grey market is throbbing with ‘pre-orders’ for iPhone 5, with prices skyrocketing up to almost Rs. 80,000 to Rs. 1,00,000 for delivery by September end. In the US, you can get a no-commitment (unlocked) phone from AT&T for $650 (Rs 35,750). In Singapore, you’ll get it for S$948 (Rs 41,825). Apple initially plans to launch the iPhone 5 in 9 countries on 21st September and in another 22 countries by the 28th. The company expects to launch the phone in a total of 100 countries by December.

Due to a staggered launch for other countries, all popular products by Apple, including the iPad, command a premium in the grey market before its anticipated launch. For instance, the iPhone 4S (16 GB) was available at a price of Rs. 55,000 against its official launch price of Rs 44,500. While the recently launched New iPad (16 GB, Wi-fi) was available at Rs 55,000 just days after its global launch, it launched in India at an official price of
Rs 29,500. So why do people buy it at such exorbitant prices instead of waiting and more importantly, who buys it?

Of the four grey market dealers I spoke to in Mumbai and Delhi, two of the most
active markets for luxury in the country, one is a famous supplier to film actors, designers and celebrities. So if you want to get your hands on a new i5 (as it is popularly called), as early as 22nd September, be ready to pay these dealers a hefty premium. What’ll make you pay up is the cool quotient that adds to your persona when you flash your new phone, its simply incomparable to any other high that one can get! (apart from a select few, that is). These dealers are also willing to sweeten the deal for you, they’re offering up to Rs.25,000-26,000 for your existing iPhone 4S, depending on the condition, age etc.

We’re now officially in an Apple obsessed universe (I’m a self-confessed fan too), go ahead and get one. And as they say, if you don’t have an iPhone, well you don’t have an iPhone.

The thoughts and opinions shared here are of the author.