$280 Million in UAE Diamonds Goes On-Chain Through Billiton and Ctrl Alt

The initiative marks one of the largest known tokenization efforts involving physical luxury commodities to date and places Dubai at the center of a growing push to merge real-world assets with blockchain infrastructure.

The collaboration brings together Billiton’s long-established role in the global diamond trade and Ctrl Alt’s experience in regulated asset tokenization. The diamonds remain physically stored in the UAE, while their ownership and certification details are represented on-chain through digital tokens built on XRPL. Each token embeds data related to grading, provenance, and ownership, aiming to improve transparency in an industry that has historically relied on paper documentation and manual verification processes.

Billiton Diamond, which operates out of Dubai’s Diamond Exchange, is known for its use of a Vickrey auction model, a sealed-bid auction structure designed to enhance price discovery and reduce information asymmetry. By pairing that auction approach with blockchain-based records, the company is seeking to modernize how high-value stones are catalogued, transferred, and potentially traded.

Jamal Akhtar, Joint Owner of Billiton Diamond, highlighted the significance of the initiative and how the collaboration bridges traditional markets with blockchain innovation. “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.”

Ctrl Alt, which provides end-to-end tokenization infrastructure, handled the technical conversion of the diamonds into blockchain-based assets. The firm says its role extends beyond minting tokens, encompassing compliance, custody integration, and asset lifecycle management. For custody, the project relies on Ripple’s institutional-grade digital asset infrastructure, a choice that reflects XRPL’s growing appeal among enterprise users seeking fast settlement times and relatively low transaction costs compared with other public blockchains.

Robert Farquhar, Chief Executive Officer, MENA at Ctrl Alt, added: ‍“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. This establishes a more accessible and operationally efficient model for commodity investment in the UAE.”

The announcement also aligns with Dubai’s broader ambition to position itself as a global hub for both commodities and digital assets. The Dubai Multi Commodities Centre (DMCC), which oversees the Dubai Diamond Exchange, has actively promoted the adoption of advanced technologies across the trade ecosystem.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, noted:‍ “This initiative reinforces DMCC’s role as the bridge between commodities, capital and next-generation digital markets. Through the infrastructure and partnerships we have developed, including recently with VARA, we are creating the frameworks for industry leaders such as Billiton Diamond and Ctrl Alt to apply digital innovation to the physical diamond trade and to advance the wider tokenization of high-value commodities in a manner that is secure, scalable and trusted. This collaboration is further proof of how DMCC’s ecosystems, from precious stones and metals to Web3 and FinX, translate innovation into real-world, investable trade solutions that enhance liquidity, transparency and global market access.”

While the diamonds have already been tokenized on-chain, the companies involved stress that broader market access will depend on regulatory approval. Any public trading platform built around the tokenized diamonds would require authorization from Dubai’s Virtual Assets Regulatory Authority (VARA). Until then, the project remains a controlled implementation rather than an open investment product, highlighting the cautious approach regulators are taking as real-world asset tokenization expands into high-value and non-fungible goods.

Tokenizing diamonds introduces complexities not typically found in more standardized assets like bonds or real estate. Individual stones vary widely in cut, clarity, color, and carat, factors that complicate valuation and can limit liquidity. At the same time, digital ownership records are widely viewed as a way to simplify settlement, reduce transactional friction, and improve capital efficiency for manufacturers and traders. These considerations have helped fuel broader experimentation with tokenized commodities across global markets.

Ripple has framed the initiative as further evidence that blockchain networks are maturing beyond speculative use cases. Reece Merrick, Managing Director for the Middle East and Africa at Ripple, highlighted the importance of security and trust in tokenizing high-value assets, saying “‍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. Alongside Billiton Diamond and Ctrl Alt, we are proud to set a new precedent for commodities trading in the digital age.”

From a market perspective, the tokenization of diamonds could eventually broaden access to an asset class that has long been dominated by specialized traders and private dealers. Digital representations may allow for faster transfers of ownership and, potentially, fractional participation, although the companies involved have not confirmed whether fractionalization will be offered in future iterations. What remains clear is that regulatory clarity and market acceptance will be decisive factors in determining whether diamond tokens can achieve sustained liquidity.

The Billiton–Ctrl Alt collaboration stands as a high-profile pilot at the intersection of luxury commodities and blockchain finance. By anchoring digital tokens to physically stored diamonds under Dubai’s regulatory framework, the project offers a glimpse into how traditional asset markets may evolve as tokenization continues to gain traction globally.