Home » Ivory Prices in Asia Drop Following China’s Domestic Ivory Ban

Ivory Prices in Asia Drop Following China’s Domestic Ivory Ban

China’s ban on ivory has sparked a dramatic drop in prices across Asia, according to new research seen by The Guardian newspaper in England. The newspaper says that research shows the cost of raw ivory in Vietnam has fallen, and that this drop is being attributed to China’s domestic ivory ban. Undercover investigators from the Wildlife […]

By SAPeople
02-06-17 23:38
in Fab South African Stuff

China’s ban on ivory has sparked a dramatic drop in prices across Asia, according to new research seen by The Guardian newspaper in England.

The newspaper says that research shows the cost of raw ivory in Vietnam has fallen, and that this drop is being attributed to China’s domestic ivory ban.

Undercover investigators from the Wildlife Justice Commission have apparently been meeting with traders in Hanoi, and have noticed an overall drop of 50% in prices during the past three years.

The traders are complaining that ivory has become a “difficult and unprofitable” business since China’s announcement. Ivory factories in China officially seized operations at the end of March 2017, and retail outlets are set to close before the end of 2017.

Vietnam, which has grown the most rapidly to become one of the largest international producers of ivory products, has been mainly supplying a demand from China… but with the ban and the slowing of the economy, traders are now allegedly starting to get rid of their stock… or stockpiling in the hope the prices will rise again.

Most of the raw ivory used in Vietnam has been sourced from Africa, and in the last couple of years elephant poaching in South Africa has risen sharply. After a decade free of elephant poaching, it began again in 2015.

Unfortunately, despite dropping prices, the poaching continues unabated.

To find out much more on this story, please read The Guardian article here.