Billiton Diamond and Ctrl Alt have moved more than AED 1 billion, or about $280 million, in polished diamonds onto the XRP Ledger, with Ripple supplying enterprise-grade custody technology for the underlying assets. The UAE-based initiative is built to connect physical diamonds with the digital economy by making ownership, grading, and certification data available for verification before a trade is executed.
$280 million inventory brought on-chain
Ctrl Alt is handling the end-to-end tokenization of the $280 million inventory, while Ripple is responsible for the security layer around the assets. The platform also adds real-time inventory management and blockchain-based verification. For diamond trading, where value is high and documentation matters at every step, that changes how inventory can be monitored and transferred.
Billiton Diamond is already known for auctioning rough diamonds through its Vickrey auction model. It is now also exploring tokenized sales of polished diamonds. That signals a move beyond conventional auction channels and into digitally structured distribution for finished stones.
Tokenization targets liquidity and shorter capital cycles
The commercial case presented by the partners is centered on liquidity. Tokenization converts polished diamonds from physical, relatively illiquid assets into digitally accessible investment products. Jamal Akhtar, Joint Owner of Billiton Diamond, said the model creates a new level of transparency, unlocks liquidity, and shortens working capital cycles for manufacturers and traders. The structure is meant to open participation to manufacturers, brands, and investors active in Dubai’s luxury market.
Robert Farquhar, CEO of Ctrl Alt MENA, said the company’s infrastructure gives diamond ownership a clear route to move on-chain, from asset origination through digital market participation. XRPL was selected for practical reasons: fast settlement, low fees, and scalable architecture. Those features make it suitable for high-value commodity transactions where speed and record integrity matter.
Dubai strengthens its position in digital commodity markets
The project also adds to Dubai’s effort to link luxury commodity trading with blockchain-based financial infrastructure. DMCC helped connect stakeholders and provided guidance, working alongside the Virtual Assets Regulatory Authority, or VARA. Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said the organization’s infrastructure and partnerships are being used to create frameworks for industry leaders to apply digital innovation to the physical diamond trade.
Based on the details released, the initiative is not limited to putting a record of diamonds on-chain. It combines custody, verification, inventory tracking, and potential tokenized sales within one operating structure. In that sense, the deal is as much about reshaping diamond market processes in the UAE as it is about using blockchain for asset representation.