The 8.8-tonne (9.7-US ton) haul was passing through Singapore on its way from the Democratic Republic of Congo to Vietnam, according to a joint statement from the Singapore Customs, Immigration & Checkpoints Authority (ICA) and the National Parks Board released Tuesday.
There were also 11.9 tonnes (13.1 US tons) of pangolin scales among the illicit cargo, the third such shipment to be intercepted in Singapore this year.
Three containers said to contain timber were inspected as they passed through Singapore on July 21, revealing the huge illegal cache.
Authorities say the ivory, with tusks from nearly 300 elephants, is worth $12.9 million; the pangolin scales, estimated to have been taken from around 2,000 Giant Ground Pangolins, would fetch around $35.7 million.
Pangolins are solitary animals that have an armor of scales, which are coveted for “cultural and ethno-medicinal purposes,” according to the statement. They are also hunted for their meat.
The seizure takes the total weight of pangolin scales stopped in Singapore to 37.5 tonnes (41.3 US tons) in 2019 alone.
Singapore previously seized 177 kilograms (390 pounds) of ivory in April.
In Africa, poachers kill tens of thousands of elephants a year for their tusks. Much of the demand for elephant tusks comes from China, where ivory is still seen by some as a symbol of luxury and wealth.
“Around 55 African elephants are killed for their ivory a day, their tusks turned into carvings and trinkets,” Tanya Steele, chief executive at World Wildlife Federation, said in a statement.