This thread is resolved. Here is a description of the problem and solution.
Problem: In portfolio item list there are no translation buttons like in WP Pages list. How to fix that?
Solution: You can make your portfolio translable by selecting ‘Translatable’ option from WPML >> Translation Management >> Multilingual Content Setup > Post Types Translation as in below screenshot: https://cdn.wpml.org/wp-content/uploads/2018/05/2207177-translation_enable.png?x30111
Relevant Documentation: https://wpml.org/documentation/getting-started-guide/translating-custom-posts/
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