You missed the point of "western aniaml protest industry"; you missed the idea behind the ban on ivory; and you're also misinformed about the ethical issues regarding luxury products such as this "elephant wallet." The point is not whether natives can hunt down and use wild species' parts as their survival needs, such as clothing and food (as originally intended). The point is because of Western countries' overconsumption, we're driving our wants over our needs, and shifting this burden onto animals and wild species.
I do not see any ethical issue regarding natives hunting down animals and fully using their body parts as living necessities, in fact, if they don't, it'd be seen as wasteful. HOWEVER, it is another story when people are hunting down elephants and other species to create luxury products for Western's demands, and in this case, making this elephant wallet and selling it on Ebay.
So yes, I say the idea behind getting a full size genuine leapord jacket with panda-skin matching shoes (or in this case, an elephant-skin wallet) is quite unethical.
Some might call the leopard jacket/panda shoes ensemble a red herring, but I get the point. I think what you want to say is that people need to get their heads screwed on straight, and refine their value systems.
PS, this might cheer your heart - in Siberia the current thaw is uncovering lots of Mastodon ivory. It might take some of the pressure off living Elephants.