- Billiton Diamond and Ctrl Alt tokenize over $280 million in diamonds on the XRP Ledger.
- A diamond platform with on-chain certificate data and a secondary market option is planned.
In the UAE, Billiton Diamond and Ctrl Alt have tokenized more than AED 1 billion (around $280 million) worth of diamonds on the XRP Ledger. The project relies on Ripple’s technology and aims to build a new trading and data system for the diamond market in Dubai.
According to the official press release, holdings from the polished inventory will be tokenized “end-to-end” by Billiton’s approved partners. The tokens were minted on the XRP Ledger, which was chosen due to “fast settlement, low fees and scalable architecture,” according to the press release. The tokenized assets are secured via Ripple’s “enterprise-grade” custody technology.
Reece Merrick, Managing Director Middle East & Africa bei Ripple, wrote via X:
“The potential of tokenization stands or falls on enterprise-grade trust and security. As Billiton Diamond and Ctrl Alt bring $280 million worth of diamond holdings to the XRPL, our custody technology provides the tight security necessary to manage these assets at scale.”
What is crucial, Merrick continued, “is that high-priced physical assets can be moved on-chain with absolute security – thereby setting a new precedent for commodity trading in the digital age.”
XRP Ledger brings diamonds on-chain
Remarkably, this is said to be just the beginning. The goal of the partnership is to build a tokenized diamond platform that anchors real-time inventory management and certification data on the XRP Ledger.
Users should be able to verify the origin, grading and ownership history of a stone before a transaction. In addition, the project aims to create the basis for future listings of tokenized diamonds on primary and emerging secondary markets.
The focus is also on better auditability and more efficient processes across the entire life cycle. Jamal Akhtar, Joint Owner of Billiton Diamond, stated:
“This partnership transforms polished diamonds from a traditionally illiquid asset class into a transparent, investable digital asset – supporting manufacturers, brands and investors alike. Tokenization brings unprecedented levels of transparency, unlocks the potential for new liquidity, shortens working capital cycles for manufacturers and retailers and opens the door for seamless global participation in Dubai’s growing luxury ecosystem.”
Future functions, including the planned platform, must first be released for regulatory purposes. The press release emphasizes that new operations are subject to approval from the Virtual Assets Regulatory Authority (VARA) before launch.
Robert Farquhar, CEO MENA at Ctrl Alt, said:
“Billiton needed robust, institutional infrastructure to manage the complexity and scale of its polished diamond offering. Our proven tokenization expertise and technology provide a clear, secure and compliant path for diamond ownership to be represented on-chain – from asset origination to digital market participation.”
A key role in bringing about the partnership was the Dubai Multi Commodities Center (DMCC), the largest and fastest growing free trade zone in the United Arab Emirates. DMCC CEO Ahmed Bin Sulayem stated:
“This initiative underscores DMCC’s role as a bridge between commodities, capital and next-generation digital markets. Through the infrastructure and partnerships we have developed, we are creating a framework for industry leaders to apply digital innovation to the physical diamond trade – and advance the broader tokenization of high-value commodities in a secure, scalable and trustworthy manner.”
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