Grey market is a step above Black market.
For cameras it is usually equipment destined for another country, where the list price is cheaper. It shouldn't be a surprise that manufacturers supply the same equipment at the price the market in each country will bear.
So a grey market camera is likely to have a foreign language manual and a guarantee that is only valid on the other side of the world.
You may find it's configured by default for foreign language menus, and if you're unlucky it might not work with PAL TV.
But most grey market dealers will unpack everything, set it up for their target market, and then repack it without manuals, software, guarantee - anything which is unique to where it was meant to be sold.
By not including them it's harder for you to know where it came from. Though the manufacturer will know from the serial numbers. Probably they'll know which outlet resold it to the US.



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