The United States brought the proposal forward, but was rejected by the Convention on International Trade and Endangered Species Secretariat.
However, the subject will be up for another vote in two weeks.
Ronald Webb, a hunter in Nain, said a hunter can get up to $3,000 for a polar bear pelt on the international market.
The meat of the bear also helps feed the community.
"When you get a polar bear, you take the meat back to the community and share it around," Webb said.
"In Nain here, we've got a community freezer here so there's lots of room for it so it's shared around the community."
Webb said that even if the proposal was approved, people would likely continue to hunt polar bear.
"If you couldn't sell a bear, I think we would still carry on with our traditional hunt and use the fur for either rugs or sewing or whatever [for themselves]," Webb said.