When I have purchased my pair of Scubapro Jetfins they smelled horrible - can't really describe, but enough to make you sick if you stayed with them in the room for a few hours (surprisingly, a friend ordered at the same time a pair from another shop, and they only had some normal rubber smell).
I tried to let the fins in the bathtub in water overnight, with some Johnson baby shampoo, hoping the smell will go away (and then of course I have rinsed them well with fresh water). When they dried, they were coated in a white-greyish thing, like you describe. It went away easily rubbing with a piece of crumpled dry toilet paper, and didn't came back after diving them in salt water. The smell is still there tough.
Nemrod's explanation sounds right.