In some contexts, possibly, but one generally says, "ivory paint", "ivory paper", "ivory skin", etc. without any need to specify that only the colour is intended. I don't believe the same is possible with elfenbein, but do correct me if I'm wrong.
"Elfenbeinfarbene Farbe" sounds pretty stupid, but it's apparently in use, so you're probably right. Although Elfenbeinpapier exists... I don't know whether it's the same as ivory paper.
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Nobody talks about ivory itself nowadays, eh?
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