Billiton Diamond and tokenization specialist Ctrl Alt said Tuesday they have moved more than AED 1 billion — roughly $280 million — worth of certified polished diamonds onto the blockchain in the UAE, using Ripple’s enterprise custody technology and the XRP Ledger (XRPL) to mint tokens linked to physical stones.
The effort is being pitched as an institutional-grade tokenization pipeline for polished diamonds stored in the UAE, intended to deliver faster settlement and clearer provenance data for high-value inventory. Under the current rollout, Ripple’s custody tools will secure the underlying assets while the XRPL will be used for token issuance and transfers — positioning Ripple in the infrastructure “plumbing” layer rather than as a marketplace operator.
That architectural choice highlights the project’s central challenge: minting tokens is one thing; creating a liquid secondary market for tokenized commodities with tight spreads, reliable pricing and clear redemption mechanics is another. The partners say they plan to build out lifecycle features such as custody, transfers and secondary-market readiness, but have not disclosed key operational details — including how physical redemptions would work, minimum lot sizes, or the pricing methodology for individual stones. Those details are critical for any effort aiming to scale beyond a controlled pilot.
A wider platform launch and broader distribution will also depend on regulatory sign-off. The firms said any expansion will be subject to approval from Dubai’s Virtual Assets Regulatory Authority (VARA). Dubai’s DMCC added that it played a coordinating role by connecting stakeholders and supporting the growing ecosystem around commodities tokenization as the emirate pushes real-world assets (RWAs) as a core business line.
In sum, the initiative marks a significant on-chain move for high-value gems, but meaningful market adoption will hinge on regulatory clearance and a robust set of trading and redemption rules to make tokenized diamonds tradable in practice — not just on paper.
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