My first Nikon bought from Amazon marketplace was as you described, a grey market item warrantied by a Chinese seller. The SLRHut Nikon came from New York and was fully warrantied by a third-party company (I forget the name but they warranty all kinds of electronics), and the serial number was recognized by Nikon when I registered it online. There is a huge mark up on electronics, watches, etc., so I think a seller can discount heavily on such an item and still make a nice profit.