- Diamond firms move $280M in polished stones onto XRPL through Ripple Custody
- On-chain records now secure grading origin and ownership for the UAE-based diamond trade
- XRPL tokenization expands as regulatory clearance shapes the platform’s next phase
Billiton Diamond and Ctrl Alt have shifted more than $280 million worth of certified polished diamonds onto the XRP Ledger, pushing tightly managed commodities into a digital environment that promises clearer provenance and faster settlement.
The move places over AED 1 billion in physical stones under Ripple custody, with each diamond tied to a token minted on-chain and backed by recorded certification data. The companies described the system less as a flashy experiment and more as an industrial pipeline built for traders who deal in high-value stones every day.
Each token reflects an individual diamond stored in the UAE, allowing buyers and brokers to trace grading, origin, and ownership history before completing any transaction. Still, the initiative remains in a preparatory phase, with wider rollout dependent on approval from Dubai’s Virtual Assets Regulatory Authority.
Diamonds Shift to an On-Chain Framework
Based on reports, Ctrl Alt is running the full tokenization process, minting tokens on the XRP Ledger and anchoring physical inventory through a verification layer supported by Ripple Custody. That combination creates a shared record for market participants, who can inspect stone metadata in real time rather than depend on separate documentation trails.
Billiton Diamond, on the other hand, which has long operated with a Vickrey auction model for price discovery, said the leap to on-chain systems aims to bring post-polishing transparency to a segment of the market that often lags in traceability. Executives noted that blockchain does not rewrite auction mechanics but strengthens how information follows a stone once it has entered commercial trade.
Regulatory Clearance Defines the Next Stretch
The partners acknowledged that the broader platform is not yet open for distribution. Any expansion hinges on VARA’s regulatory sign-off, a requirement that has shaped nearly every digital-asset rollout in Dubai. For now, however, the infrastructure is in place, and the technical rails are functioning, but the commercial layer remains parked until regulators complete their assessment.
Ripple’s joint efforts with Ctrl Alt date back to mid-2025 and followed Ctrl Alt’s involvement in the Dubai Land Department’s asset digitization initiative. The firm has since grown its valuation to roughly $348 million, supported by rising interest in regulated tokenization across real estate and commodities markets.
Industry Links Support the Tokenization Push
Dubai’s shift toward blockchain-based commodity infrastructure has involved coordinated work among the Dubai Multi Commodities Centre, technology firms, and traders. Therefore, the diamond project fits into that emerging ecosystem.
Officials familiar with the process said the aim is to create frameworks that can support large-scale tokenization without disrupting established commodity flows. The forthcoming platform is expected to provide real-time inventory tracking tied directly to on-chain entries.
Certification records will travel with each token, giving traders a clearer picture of what they are acquiring before moving to settlement. The partners believe this structure will cut down on reconciliation tasks that typically slow cross-border diamond transactions.
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XRPL’s Tokenization Growth Sets the Backdrop
The initiative arrives during a period of strong tokenization growth on the XRP Ledger. Aggregate data shows tokenized assets on the network rising from $24.7 million in early 2025 to about $567.9 million by year-end, a nearly 2,000 percent increase. As of this reporting, XRPL’s represented asset value was nearing $1.5 billion, while real-world asset tokens sat at around $220 million.
Ripple also reported that its RLUSD stablecoin has reached roughly $1.3 billion in circulation, alongside about $500 million in tokenized assets held on the chain more broadly. With Billiton Diamond and Ctrl Alt now adding $280 million in polished stones to that base, the project stands out as one of the largest commodity-linked deployments on XRPL to date.
Executives involved in the rollout said the reliance on Ripple Custody signals a growing comfort with securing high-value physical assets at an institutional scale. They framed the venture as a step toward more efficient commodity markets, backed by verifiable records that follow each stone across every trade.
