World Markets

Yahoo Japan to end ivory sales - sources

Credit: REUTERS/Issei Kato

Yahoo Japan Corp, plans to end the sale of ivory on the country's biggest online auction site, two sources with direct knowledge of the matter said on Wednesday, finally joining competitors in a ban.

By Sam Nussey and Yoshiyasu Shida

TOKYO, Aug 28 (Reuters) - Yahoo Japan Corp 4689.T, plans to end the sale of ivory on the country's biggest online auction site, two sources with direct knowledge of the matter said on Wednesday, finally joining competitors in a ban.

Yahoo Japan will end ivory trading, blamed by wildlife campaigners for perpetuating an illegal international black market, from Nov. 1, the sources said. They declined to be identified as the information is not public.

Rival e-commerce firms Rakuten Inc 4755.T and Mercari Inc 4385.T banned ivory sales two years ago, but Yahoo Japan had continued to resist calls from campaigners, denying suggestions the trade was a factor behind a sharp rise in poaching on the African savannah in recent years.

Elephant tusks remain in demand in Japan, which allows the domestic trading of ivory brought into the country before it imposed an import ban in 1989, making it the world's largest legal ivory market.

The tusks are used to make "hanko" name seals which, when dipped in red ink and stamped on paper, are used like a signature in a wide range of transactions from opening a bank account to registering a marriage.

The two sources told Reuters Yahoo Japan, a consolidated subsidiary of telco SoftBank Corp 9434.T, decided to halt trading following reports that ivory being traded on Yahoo Japan's platform was being on-sold to China.

China outlawed the trade in 2017, with increasingly strict rules around the world another factor behind the decision, the sources said.

A report by wildlife trade monitoring group Traffic last year pointed to seizures of Japan-procured ivory being smuggled into China. Ivory transactions on Yahoo Japan's auction site totalled around 40 million yen ($380,000) over a four week period in May and June last year, Traffic estimated.

The Japanese government last month began requiring domestic traders to prove the age of tusks via carbon dating in a bid to prevent illegal imports.

An estimated 100 African elephants are killed each day by poachers seeking ivory, meat and body parts, leaving only 400,000 remaining, environmentalists estimate.

($1 = 105.3900 yen)

(Reporting by Sam Nussey and Yoshiyasu Shida; editing by Jane Wardell)

((sam.nussey@tr.com; https://twitter.com/SamNusseyRTRS; +81364411596;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest World Markets Videos

    #TradeTalks: Why now is the case for international markets

    Franklin Templeton Head of Global Index Portfolio Management Dina Ting joins Jill Malandrino on Nasdaq #TradeTalks to discuss why now is the case for international markets and how recent market events have created new opportunities.

    Nov 17, 2020

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More