Editor’s Note
This article highlights a significant step in the tokenization of physical assets, detailing how a major diamond sale was facilitated on the XRP Ledger to enhance transparency and verification in the luxury goods market.
Ripple, Billiton Diamond, and Ctrl Alt have tokenized over 1 billion UAE dirhams (USD 280 million) worth of certified polished diamonds on the XRP Ledger (XRPL) in the United Arab Emirates.
The blockchain-based platform embeds real-time inventory and certification data, enabling transparent verification of a diamond’s origin, grade, and ownership.
Supported by the Dubai Multi Commodities Centre (DMCC) and pending approval from the Dubai Virtual Assets Regulatory Authority (VARA), this initiative positions Dubai as a hub for regulated commodity tokenization and digital asset innovation.
An Emirati project, backed by Ripple’s tokenization partners, has moved over 1 billion dirhams worth of tokenized polished diamonds onto the XRP Ledger.
According to a press release issued on Tuesday, auction house Billiton Diamond and UK-based tokenization service provider Ctrl Alt announced a partnership to tokenize diamonds worth approximately USD 280 million. These assets are stored in the UAE and are backed by approved inventory partners collaborating with Billiton.
The partners stated that the process embeds certification data and inventory records directly onto the blockchain, allowing participants to verify the source, grade details, and ownership history of the carbon minerals before any transaction.
– Ripple (@Ripple) via Reece Merrick (@reece_merrick), February 3, 2026
Ctrl Alt manages the entire tokenization process, including the minting of the digital assets. However, the system is not yet fully operational as it awaits regulatory approval from the Dubai Virtual Assets Regulatory Authority.
Billiton Diamond, known in the diamond market for its Vickrey auction model, has now begun issuing tokenized versions of polished diamonds. The company’s current auction system excels in price discovery and supply efficiency, but according to its executives, blockchain technology can enhance transparency in post-polishing transactions.
This tokenization initiative is closely linked to the partnership established between Ripple and Ctrl Alt in July 2025. The month prior, Ctrl Alt announced its involvement in a Dubai land asset digitization project. Ripple provides the blockchain technology to secure the digitization of real-world assets. Currently, Ctrl Alt’s valuation has reached USD 348 million.
According to Cryptopolitan, the Dubai Multi Commodities Centre Authority facilitated connections between commodity traders, technology providers, and regulators through the Dubai Land Department initiative launched in June last year.
– Ahmed Bin Sulayem, Executive Chairman and CEO of Dubai Multi Commodities Centre (DMCC)
Robert Farquhar, CEO of Ctrl Alt for the Middle East and North Africa, stated that the company possesses “mature tokenization expertise and technology” that can help Billiton build a clear, secure, and compliant on-chain ecosystem for diamond ownership.
The upcoming platform will include real-time inventory tracking functions linked to blockchain entries, with each XRPL tokenized gem accompanied by certification records. According to the partners, this will help traders verify the goods they are purchasing before settlement while also reducing friction in document handling.
Following the U.S. Securities and Exchange Commission’s decision to drop charges against Ripple, tokenized assets on the XRP Ledger saw significant growth. Data from market aggregator RWA.xyz shows an increase from USD 24.7 million in January to approximately USD 567.9 million by December 2025.
– Reece Merrick, Managing Director of Ripple for the Middle East and Africa
At the time of writing, the value of representative assets on the XRP Ledger is close to USD 1.5 billion, with tokenized real-world assets accounting for USD 220 million. Ripple’s stablecoin RLUSD represents about USD 1.3 billion, and according to the company’s published data, approximately USD 500 million worth of tokenized assets are custodied on its blockchain.