Business A.M
No Result
View All Result
Wednesday, February 18, 2026
  • Login
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us
Subscribe
Business A.M
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us
No Result
View All Result
Business A.M
No Result
View All Result
Home Commodities

China’s ivory ban sparks dramatic drop in prices across Asia

by Admin
June 2, 2017
in Commodities

The price of raw ivory in Asia has fallen dramatically since the Chinese government announced plans to ban its domestic legal ivory trade, according to new research seen by the Guardian. Poaching, however, is not dropping in parallel.

Undercover investigators from the Wildlife Justice Commission (WJC) have been visiting traders in Hanoi over the last three years. In 2015 they were being offered raw ivory for an average of US$1322/kg in 2015, but by October 2016 that price had dropped to $750/kg, and by February this year prices were as much as 50% lower overall, at $660/kg.

Traders complain that the ivory business has become very “difficult and unprofitable”, and are saying they want to get rid of their stock, according to the unpublished report seen by the Guardian. Worryingly, however, others are stockpiling waiting for prices to go up again.

Of all the ivory industries across Asia, it is Vietnam that has increased its production of illegal ivory items the fastest in the last decade, according to Save the Elephants. Vietnam now has one of the largest illegal ivory markets in the world, with the majority of tusks being brought in from Africa. Although historically ivory carving is not considered a prestigious art form in Vietnam, as it is in China, the number of carvers has increased greatly.

The demand for the worked pieces comes mostly from mainland China. Until recently, the chances of being arrested at the border slim due to inefficient law enforcement. But the prices for raw ivory are now declining as the Chinese market slows; this is partly due to China’s economic slowdown, and also to the announcement that the country will close down its domestic ivory trade. China’s ivory factories were officially shut down by 31 March 2017, and all the retail outlets will be closed by the end of the year.

Other countries have been taking similarly positive action on ivory, although the UK lags behind. Theresa May quietly dropped the conservative commitment to ban ivory from her manifesto, but voters have picked it up and there has been fury across social media.

“Many of the traders we are speaking to are referring to the ban in China, it appears to be having some impact on the trade on the ground,” said Sarah Stoner, senior intel analyst at the WJC. “A trader in one of the neighbouring countries who talked to our undercover investigators said he didn’t want to go to China anymore – it was so difficult in China now, and friends of his were arrested and sitting in jail. He seemed quite concerned about the situation,” said Pauline Verheij, WJC’S senior legal investigator.

Another told investigators that “whereas previously it had been easy to carry stuff over into the border into China, now a few people have dropped out of the business completely”.

Illustrating how far prices have dropped, one illicit sale was recently made to Hong Kong of four tusks weighing 204kg for a record low of $400/kg. Dan Stiles, an independent consultant who has been investigating ivory markets for 15 years, received the information via email from an Indian man now living in Canada who had made the sale. “That’s unbelievable,” Stiles said. “Three years ago he [the trader] was offered $650/kg by the Daxin Ivory Carving Factory in Guangzhou and turned it down. He just gave up trying to get a decent price – it was money for his daughter’s education.”

The price of wholesale raw ivory in China dropped by two thirds in the last three years, during the time that China’s government made commitments to cracking down on the trade, according to research released in March by Save The Elephants. It has been seen by conservationists as significant progress for the protection of elephants. Iain Douglas-Hamilton, president and founder of Save the Elephants told the Guardian: “There is now greater hope for the species”.

Elephants close up
FacebookTwitterPinterest The poaching crisis where elephants are killed for their tusks has been driven by China’s demand for ivory. Photograph: fishcat007/Getty Images/iStockphoto

However, falling prices do not necessarily reflect a reduction in demand. Oversupply could cause the decline in prices, according to Stiles, who suggests there is now so much raw ivory that most people are “not willing to pay higher prices”.

He also believes certain big dealers may be stockpiling the ivory, either because they think the ban will only be temporary, or because they are moving into the illegal trade.

“I think there will be an increase in illegal selling to cover the gap made by the closure of legal markets,” Stiles said.

There is also no sign of a corresponding decline in poaching. “I see no decline,” said Stiles. “That to me means a drop in price is actually bad for elephants. Because these guys can buy more ivory for the same amount of money as before.

“As long as the poaching continues at these high rates, it looks like there are still quite high volumes of ivory in spite of the seizures that have been made,” he added. According to according to Cites Mike programme (Monitoring the Illegal Killing of Elephants) poaching levels peaked in 2011 and have since stabilised, at levels that “remain unacceptably high overall”.

However, Stiles is keen to stress that it is still too early to see the full impact on poaching across Africa from China’s domestic ivory ban, which will be fully enforced at the end of this year. “Let’s see where we are at the beginning of 2019. If poaching rates haven’t gone down significantly by then, then elephants are in real trouble.”

Many conservationists believe that the ban is pointing in the right direction for elephants, with Verheij from the WJC saying, “It’s really encouraging”.

Vigne agrees and points out that in the future this ban will have an impact on the big trading networks. “If they have any sense they won’t want to trade if the prices are dropping like that,” she said. But ultimately, she added, the key is law enforcement. “Punishment is the biggest deterrent. That’s what has to be focused, so the illegal markets will slowly become marginalised.”


Courtesy theguardian.com

Admin
Admin
Previous Post

Nigeria, world stocks hit record highs, gaining on average 11% in 2017

Next Post

Daimler, Volkswagen eye China’s electric car market

Next Post

Daimler, Volkswagen eye China's electric car market

  • Trending
  • Comments
  • Latest
Igbobi alumni raise over N1bn in one week as private capital fills education gap

Igbobi alumni raise over N1bn in one week as private capital fills education gap

February 11, 2026
NGX taps tech advancements to drive N4.63tr capital growth in H1

Insurance-fuelled rally pushes NGX to record high

August 8, 2025

Reps summon Ameachi, others over railway contracts, $500m China loan

July 29, 2025

CBN to issue N1.5bn loan for youth led agric expansion in Plateau

July 29, 2025

6 MLB teams that could use upgrades at the trade deadline

Top NFL Draft picks react to their Madden NFL 16 ratings

Paul Pierce said there was ‘no way’ he could play for Lakers

Arian Foster agrees to buy books for a fan after he asked on Twitter

BUA Group leads Gulf–West Africa drive for integrated food and logistics corridor

BUA Group leads Gulf–West Africa drive for integrated food and logistics corridor

February 18, 2026
FairMoney expands SME credit access to boost financial capacity

FairMoney expands SME credit access to boost financial capacity

February 18, 2026
Logistics coordination is a structural efficiency reform, not luxury —Scott Dubin, Logistics Marketplace

Logistics coordination is a structural efficiency reform, not luxury —Scott Dubin, Logistics Marketplace

February 18, 2026
Ladi, rising on global tech space

Ladi, rising on global tech space

February 18, 2026

Popular News

  • Igbobi alumni raise over N1bn in one week as private capital fills education gap

    Igbobi alumni raise over N1bn in one week as private capital fills education gap

    0 shares
    Share 0 Tweet 0
  • Insurance-fuelled rally pushes NGX to record high

    0 shares
    Share 0 Tweet 0
  • Reps summon Ameachi, others over railway contracts, $500m China loan

    0 shares
    Share 0 Tweet 0
  • CBN to issue N1.5bn loan for youth led agric expansion in Plateau

    0 shares
    Share 0 Tweet 0
  • What’s Behind the Fourth-Quarter Earnings Dip?

    0 shares
    Share 0 Tweet 0
Currently Playing

CNN on Nigeria Aviation

CNN on Nigeria Aviation

Business AM TV

Edeme Kelikume Interview With Business AM TV

Business AM TV

Business A M 2021 Mutual Funds Outlook And Award Promo Video

Business AM TV

Recent News

BUA Group leads Gulf–West Africa drive for integrated food and logistics corridor

BUA Group leads Gulf–West Africa drive for integrated food and logistics corridor

February 18, 2026
FairMoney expands SME credit access to boost financial capacity

FairMoney expands SME credit access to boost financial capacity

February 18, 2026

Categories

  • Frontpage
  • Analyst Insight
  • Business AM TV
  • Comments
  • Commodities
  • Finance
  • Markets
  • Technology
  • The Business Traveller & Hospitality
  • World Business & Economy

Site Navigation

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy
Business A.M

BusinessAMLive (businessamlive.com) is a leading online business news and information platform focused on providing timely, insightful and comprehensive coverage of economic, financial, and business developments in Nigeria, Africa and around the world.

© 2026 Business A.M

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us

© 2026 Business A.M