South Africa will this month decide on whether to push for an end to the global ban on rhino horn trade, a move that could potentially unlock a $2 billion bonanza and determine the fate of a critically endangered species.
The buying and selling of rhino horns internationally was banned in 1977, though that has not deterred poachers from killing the animals for their highly valued horns.
Rhino horn is prized in Asia for use in international remedies and surging demand has meant more poaching.
A record 1,305 rhinos were illegally killed in Africa last year.
Opponents of the ban argue that since rhinoceros’ horns grow back if cut from a living animal, a properly monitored legal trade could help save the rhinos rather than condemn them to extinction.
Rhino horn on the street in Asia sells for around $65,000 per kg, according to off-the-record estimates by conservationists, so 30 tonnes could generate up to around $2 billion.
Supporters of legalizing the trade say the money could be used for conservation by the South African government, whose finances are under mounting pressure as it faces possible debt ratings downgrades that could see its borrowing costs balloon.
