RUSSIA is mining the remains of its long-extinct woolly mammoths to meet a growing demand for ethical ivory.

Taking advantage of a global ban on the trade in elephant ivory, Russia is gambling that ivory lovers around the world will pay a premium for ethically sourced mammoth ivory instead.

Woolly mammoth tusks believed to be 23,000 years old. Credit:AP

Michelle Obama, America's first lady, has been photographed wearing jewellery made from mammoth ivory.

Russia is exporting 60 tonnes of mammoth ivory a year to China, the biggest ivory market, and scientists estimate that huge reserves are as yet untapped. They believe there may be as many as 150 million dead mammoths frozen beneath the Siberian tundra.