Editor’s Note
This article highlights a landmark $280 million diamond tokenization initiative in the UAE, signaling a major shift toward digitizing high-value physical commodities in the region.
Billiton Diamond, the Dubai-based diamond auction house, and tokenization provider Ctrl Alt have successfully tokenized over one billion UAE dirhams ($280 million) worth of certified polished diamonds in the United Arab Emirates. This collaboration represents a significant milestone in the region’s commodity market by digitizing high-value inventory.
According to the company, Ctrl Alt provides the comprehensive tokenization infrastructure to onboard inventory from Billiton’s approved partners onto the blockchain. The tokens are minted on the XRP Ledger, selected for its speed and low transaction costs, while the physical assets are secured using Ripple’s enterprise-grade custody technology.
This “digital twin” approach is designed to eliminate opacity in the supply chain and shorten working capital cycles for manufacturers and traders. The platform enables tracking each diamond from its certification to its current ownership through immutable records.
The initiative has received support from the Dubai Multi Commodities Centre (DMCC), reinforcing its strategy of connecting physical trade with digital innovation.
Furthermore, Bin Sulayem noted that they are creating the frameworks for industry leaders like Billiton Diamond and Ctrl Alt to apply digital innovation to the physical diamond trade and advance the broader tokenization of high-value commodities in a secure, scalable, and reliable manner.
Jamal Akhtar, co-owner of Billiton Diamond, commented that 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.
While the initial phase focuses on tokenizing inventory, the partners plan to enable trading on secondary markets in future stages. This would allow investors to buy and sell tokenized diamond assets seamlessly, significantly expanding access to the precious gem market.
However, the companies noted that these novel operations, including secondary market listings, will be subject to regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA) before launch. This requirement reflects the region’s commitment to rigorous compliance frameworks in the digital asset space.
The move capitalizes on Dubai’s strategic vision to become a global hub where traditional commodity trade converges with innovative blockchain infrastructure. The next phase will depend on obtaining the necessary regulatory approvals and developing the secondary market functionality to enable active trading of these digital assets backed by certified physical diamonds.