Customs officials in Xiamen, Fujian province, make an inventory of smuggled ivory on Nov 4, 2013. [Photo by Lei Guohua/for China Daily]

Investors banking on continued increases in the price of ivory appear to be a significant factor in the recent boom, according to a report by Save the Elephants.

According to Gao Yufang, executive director of the Everest Snow Leopard Conservation Center, "Ivory products are perceived as a profitable investment alternative. An international ivory trade ban, inflation, depressed real estate and stock markets, growing disposable income, limited investment options and media hype have all contributed to this."

CITES and China's wildlife watchdog are planning to explore how the business sector can help to reduce demand.

"If speculation is, or appears likely to be, one of the key drivers of demand for illegally traded ivory, then intervention in this sector through a well-targeted campaign to end the speculation is warranted," Scanlon said.