Billiton Diamond and tokenization firm Ctrl Alt have completed one of the largest real-world asset tokenization initiatives in the Middle East, moving more than $280 million (AED 1 billion) worth of certified polished diamonds onto the blockchain in the UAE.
The initiative covers end-to-end tokenization of polished diamond inventory held in the UAE, with assets secured using Ripple’s enterprise custody technology and minted on the XRP Ledger (XRPL). Industry stakeholders see the move as a milestone for commodities tokenization, transforming diamonds from an opaque, illiquid asset into a transparent, blockchain-verifiable investment instrument.
Ripple is proud to support Billiton Diamond and @CtrlAltCo who have tokenized over AED 1 billion ($280m) of certified polished diamonds on the XRPL.
This initiative shows how @Ripple‘s technology can bridge the gap between physical assets and the digital economy, utilising our…
— Reece Merrick (@reece_merrick) February 3, 2026
Diamonds meet blockchain infrastructure
Under the partnership, Ctrl Alt has already tokenized over AED 1 billion in polished diamonds sourced from Billiton’s approved partners. The tokens embed certification data, ownership records, and inventory details directly on-chain, enabling real-time verification of origin, grading, and transaction history before trades occur.
Billiton, known for its Vickrey auction model in rough diamond sales, plans to extend the initiative into tokenized polished diamond offerings, subject to regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA). The framework is designed to support future primary and secondary market trading, opening the door to broader institutional and global participation.
Dubai positions for real-world asset tokenization
The initiative was supported by DMCC, which played a coordinating role in connecting industry players and reinforcing Dubai’s ambition to lead in tokenized commodities. By combining blockchain settlement, regulated custody, and physical asset backing, the project reflects a wider regional push toward compliant crypto adoption.
Tokens were issued on the XRPL for its fast settlement and low transaction costs, reinforcing crypto’s role as infrastructure rather than speculation. Market participants say the project highlights how blockchain is increasingly being used to modernize traditional trade flows, shorten settlement cycles, and improve capital efficiency.
Meanwhile, Dubai regulators delivered a sharp pivot in crypto oversight. The Dubai Financial Services Authority (DFSA) banned privacy tokens outright within the Dubai International Financial Centre (DIFC).
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