Ripple Powers $280 Million Diamond Tokenization in Dubai

A new initiative in the UAE has brought over $280 million worth of certified polished diamonds on-chain using Ripple’s enterprise-grade custody infrastructure and the XRP Ledger.

Key Takeaways

• Billiton Diamond and Ctrl Alt have tokenized more than AED 1 billion ($280M) worth of polished diamonds in Dubai.
• Ripple’s custody technology secures the assets, while the XRP Ledger (XRPL) handles token issuance and transfers.
• Dubai’s DMCC and Virtual Assets Regulatory Authority (VARA) are key ecosystem and regulatory supporters of the project.
• The move aims to create a more transparent, liquid, and accessible diamond investment market globally.

What Happened?

Billiton Diamond and tokenization platform Ctrl Alt have successfully transferred over $280 million of polished diamonds on-chain in the UAE. The initiative, backed by Ripple’s institutional-grade custody tools and using the XRP Ledger for minting, marks a major milestone in commodity tokenization and digital asset infrastructure for physical goods.

Diamonds Meet Blockchain in Dubai

The collaboration between Billiton Diamond, a key player in rough diamond auctions, and Ctrl Alt, a tokenization technology provider, represents a significant leap forward for real-world asset (RWA) digitization.

• Over $280 million (AED 1 billion) in polished diamonds have already been tokenized.
• Ripple’s custody system ensures the digital tokens are securely backed by real, certified diamonds held in the UAE.
• The XRP Ledger was selected for its speed, low fees, and scalability, making it a suitable choice for high-volume, institutional-grade asset issuance.

According to Billiton Diamond, this collaboration introduces a transparent, investable asset class, transforming traditionally illiquid diamonds into accessible digital instruments. The project integrates real-time inventory management and certification tracking, offering stakeholders immediate visibility into a diamond’s origin, grading, and ownership.

Ctrl Alt, leading the technical execution, has already minted the tokens and is now working on lifecycle capabilities like secondary market trading, transfers, and redemption mechanics. These operations will depend on regulatory green lights from Dubai’s Virtual Assets Regulatory Authority (VARA).

What’s Next for Tokenized Diamonds?

While tokenization is complete, the broader rollout of a trading platform is still subject to regulatory approval. The firms have flagged additional “lifecycle” features in development, such as:

• Custody management
• Secondary-market readiness
• Asset redemption features

However, details like minimum lot sizes, pricing mechanisms, and redemption protocols are yet to be disclosed. This information will be crucial for the platform to move beyond a controlled pilot phase into a liquid, global trading environment.

Strategic Support from Dubai

The Dubai Multi Commodities Centre (DMCC) has played a key role in connecting stakeholders and supporting the wider commodity tokenization ecosystem in the UAE.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, stated:

He emphasized the value of secure and scalable frameworks for innovation in high-value asset trading.

Industry Voices on the Milestone

Jamal Akhtar, Joint Owner of Billiton Diamond, commented:

Robert Farquhar, CEO MENA at Ctrl Alt, added:

Reece Merrick, Managing Director of Middle East & Africa at Ripple, said:

CoinLaw’s Takeaway

In my experience covering blockchain and real-world assets, this kind of project represents more than just a tech upgrade. It’s a massive trust signal to both investors and regulators. Tokenizing physical assets like diamonds was once just a concept. But this Ripple-powered infrastructure brings serious institutional weight and operational readiness. What excites me most is that this isn’t just about tech but it’s about transforming age-old industries into modern, transparent, and global platforms. And Dubai is clearly betting big on being at the center of it all.

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