Ripple

$280M Diamond Tokenization Deal Puts XRPL at the Center of Dubai's Commodity Revolution

Billiton Diamond and Ctrl Alt have tokenized $280M+ in certified diamonds on the XRP Ledger, with Ripple Custody securing the assets. The landmark UAE initiative marks a major step for commodity tokenization and XRPL's institutional adoption.

The Ripple Effect

03 Feb 2026 — 4 min read

Billiton Diamond and tokenization provider Ctrl Alt have announced a landmark collaboration that has already tokenized over $280 million worth of certified polished diamonds in the UAE. The initiative, which uses the XRP Ledger as its blockchain infrastructure and Ripple Custody for secure asset storage, represents one of the largest commodity tokenization projects to date.

What Was Actually Announced

According to the official press release from Ctrl Alt, the collaboration has completed the initial tokenization phase of over AED 1 billion ($280+ million) in polished diamond inventory from Billiton's approved partners. The tokens have been minted on the XRPL, chosen for its fast settlement speeds, low transaction fees, and scalable architecture.

Billiton Diamond will launch a new tokenized diamond platform that embeds real-time inventory management and certification data on the blockchain. This allows stakeholders to verify the origin, grading, and ownership history of each polished stone before any transaction. Subsequent phases will focus on lifecycle capabilities including custody, transfer, and secondary market readiness.

Important note: These novel operations will be subject to regulatory approval by the Virtual Assets Regulatory Authority (VARA) prior to launch.

Why This Matters for the Diamond Industry

The Dubai Multi Commodities Centre (DMCC) played an integral role in making this initiative possible by connecting stakeholders and building the necessary ecosystem for diamond tokenization. DMCC hosts over 1,500 companies in the gold and precious metals sector and supports more than 700 Web3 firms in its Crypto Centre.

Jamal Akhtar, Joint Owner of Billiton Diamond, explained the significance: "This partnership transforms polished diamonds from a traditionally illiquid asset class into a transparent, investable digital asset that supports manufacturers, brands, and investors alike. Tokenization introduces an unprecedented level of transparency, unlocking the potential for new liquidity, shortening working capital cycles for manufacturers and traders, and opening the door to seamless global participation in Dubai's growing luxury ecosystem."

Robert Farquhar, CEO of Ctrl Alt MENA, emphasized the technical requirements: "Billiton needed robust, institutional-grade infrastructure to handle the complexity and scale of its polished diamond supply. Our proven tokenization expertise and technology provide a clear, secure, and compliant route for diamond ownership to move on-chain, from asset origination to digital market participation."

The XRP Ledger and Ripple Connection

The selection of XRPL for this initiative extends Ripple's growing footprint in the UAE's real-world asset (RWA) tokenization space. According to Ripple's website, the XRPL settles transactions in 3-5 seconds for a fraction of a cent, making it suitable for large-scale, high-volume tokenization.

Reece Merrick, Managing Director for Middle East & Africa at Ripple, stated: "The potential of tokenization relies on enterprise-grade trust and security. As Billiton Diamond and Ctrl Alt move $280 million in diamond inventory onto the XRPL, our custody technology provides the rigorous security required to manage these assets at scale, proving that high-value physical assets can be moved on-chain with absolute confidence."

This partnership builds on Ctrl Alt's existing relationship with Ripple. In July 2025, the two companies announced a strategic partnership to support the Dubai Land Department's Real Estate Tokenization Project, making Ctrl Alt Ripple's first major custody partner in the UAE.

XRP/Ripple Analysis: Implications for the Ecosystem

This development carries several potential implications for XRP and Ripple's broader ecosystem:

Growing RWA Presence: According to Yahoo Finance, XRPL tokenization expanded by more than 2,200% in 2025, driven by regulatory clarity following the SEC resolution and institutional partnerships. The network now hosts roughly $500 million in tokenized assets as of early 2026, with this diamond initiative adding significant volume.

Institutional Validation: The involvement of established entities like Billiton Diamond, DMCC, and VARA demonstrates that traditional commodity players are willing to build on XRPL infrastructure. This follows the pattern seen with Dubai Land Department's real estate tokenization, which selected XRPL for property title deeds.

Custody Infrastructure Expansion: Ripple's global custody network now includes clients across Europe, the Middle East and Africa, Asia-Pacific, and Latin America. The company holds over 60 regulatory licenses and registrations in various jurisdictions, including the DFSA license granted in March 2025.

Ctrl Alt's Growing Portfolio: As of January 2026, Ctrl Alt has tokenized over $850 million in assets spanning real estate, private credit, funds, commodities, and more, with the XRPL serving as a primary infrastructure layer.

The Bigger Picture: Dubai's Tokenization Ambitions

This initiative aligns with the DMCC-VARA partnership announced in October 2025, which outlined pilot projects for tokenizing gold, diamonds, and other commodities. Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, noted that the collaboration "reinforces DMCC's role as the bridge between commodities, capital and next-generation digital markets."

According to a joint report by Ripple and Boston Consulting Group, the market for tokenized financial instruments could reach $18.9 trillion by 2033. However, the report also identified barriers including fragmented infrastructure, limited interoperability, uneven regulatory progress, and lack of smart contract standardization.

Key Takeaways

Billiton Diamond and Ctrl Alt have completed tokenization of $280+ million in certified polished diamonds on the XRPL
Ripple Custody provides enterprise-grade security for the tokenized assets
The initiative awaits VARA regulatory approval before full platform launch
This represents one of the largest commodity tokenization projects on the XRP Ledger
Dubai continues positioning itself as a global hub for RWA tokenization, building on previous real estate and commodities initiatives

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