The ban aims to protect elephants, as thousands of them are slaughtered annually for their ivory. The new measure will apply to all trading, including internet sales and street markets.
Radio Television Hong Kong (RTHK) reported citing a World Wide Fund for Nature (WWF) representative on Saturday that the ban could make Hong Kong the center of illegal ivory trade.
According to RTHK, Hong Kong authorities have expressed plans to prohibit local ivory trade by 2021.
Ivory is considered an item of status in a number of Asian countries, including China and Vietnam, where prices for a kilogram of ivory (about 2.2 pounds) go as high up as $1,100.