- Billiton Diamond and Ctrl Alt have tokenized over $280 million in polished diamonds in the UAE, utilizing Ripple‘s custody and the XRP Ledger.
- The project, which aims for faster settlement and provenance tracking, is currently pending regulatory approval from Dubai‘s VARA for a broader platform launch.
- The initiative focuses on the institutional “plumbing” for tokenization, with future plans for secondary market features, though key operational details like pricing and redemption are not yet public.
On Tuesday, Billiton Diamond and tokenization firm Ctrl Alt announced they had moved more than $280 million worth of certified polished diamonds on-chain in the UAE, according to a press release. They used Ripple‘s custody technology to secure the assets and the XRP Ledger to mint tokens representing physical inventory. This initiative establishes an institutional-grade pipeline for tokenizing high-value stones held within the Emirates.
However, the project’s next phase depends on regulatory clearance from Dubai’s Virtual Assets Regulatory Authority (VARA). Consequently, any broader platform launch or move toward wider distribution is subject to formal approval. Meanwhile, Dubai’s DMCC stated it played a coordinating role by connecting stakeholders and supporting the ecosystem.
The companies framed the effort as a route to faster settlement and clearer provenance data. They positioned Ripple‘s technology in the foundational layer, handling security and issuance rather than marketplace operations. The firms also flagged a longer runway for “lifecycle” features like custody and secondary-market readiness.
Yet key questions remain unanswered for a functional market beyond a pilot. For instance, the announcement did not share details on redemption mechanics, minimum lot sizes, or pricing models for individual stones. Therefore, the project’s commercial viability will hinge on resolving these practical challenges in the future.
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