Billiton Diamond and Ctrl Alt Tokenize $280M in Diamonds on XRP Ledger Using Ripple Custody

What Happened

Billiton Diamond and Ctrl Alt have tokenized over $280 million (AED 1 billion) worth of certified polished diamonds on the XRP Ledger, using Ripple's enterprise custody technology. The initiative, based in Dubai, represents one of the largest real-world asset (RWA) tokenization efforts in the commodities space to date.

Billiton Diamond, a Dubai-based diamond auction house with over 20 years of experience in rough and polished diamond trading through the DMCC (Dubai Multi Commodities Centre), is providing the certified diamond inventory. Ctrl Alt, a VARA-licensed tokenization infrastructure firm, handles token issuance and compliance. Ripple provides the institutional-grade custody layer that secures the tokenized assets on the XRP Ledger.

The project is currently positioned as a controlled pilot, with broader distribution pending regulatory approval from Dubai's Virtual Assets Regulatory Authority (VARA).

Why People Care

This matters because the global diamond market, valued at approximately $87 billion annually, has long suffered from opacity, illiquidity, and heavy reliance on intermediaries. Diamond trading still operates largely through private deals, auction houses, and broker networks where pricing transparency is limited and settlement times can stretch for weeks.

Tokenization on a public ledger like the XRP Ledger introduces several potential improvements: 24/7 trading capability, fractional ownership of high-value stones, transparent provenance tracking, and near-instant settlement. For institutional investors, this could open an entirely new asset class that was previously accessible only to specialized dealers.

The $280 million figure is significant because it represents actual inventory moved onchain, not a projected pipeline or a whitepaper target. This distinguishes the project from many RWA tokenization announcements that never progress beyond the planning stage.

What Actually Broke

The project has not "broken" in the traditional sense, but several critical questions remain unanswered. According to CoinDesk's reporting, the initiative lacks public details on three key areas that will determine its long-term viability.

First, redemption mechanics are unclear. How does a token holder convert their digital asset back into a physical diamond? The process for authentication, shipping, insurance, and custody transfer during redemption has not been publicly documented.

Second, minimum lot sizes have not been disclosed. Diamond tokenization only democratizes access if fractional ownership thresholds are low enough to attract retail or smaller institutional participants. If minimums remain at wholesale levels, the tokenization adds infrastructure cost without broadening the buyer pool.

Third, pricing formation for individual stones remains opaque. Unlike gold, which has standardized spot pricing, each diamond is unique. Cut, clarity, carat, and color create enormous variation. How tokenized diamonds will be priced, appraised, and traded on secondary markets is the core challenge that no tokenization project has fully solved.

As one industry observer noted: "The harder question in tokenized commodities isn't minting tokens. It is whether they can trade meaningfully with tight spreads, reliable pricing, and clear redemption mechanics."

What This Means for Your Money

For investors watching the RWA tokenization space, this project signals continued institutional momentum. Ripple's involvement adds credibility given its existing infrastructure for cross-border payments and its growing custody business. The XRP Ledger already hosts tokenized real estate (via the Dubai Land Department partnership) and tokenized precious metals (via Meld Gold), making diamonds a logical expansion.

However, retail participation in tokenized diamonds remains speculative at this stage. Without clarity on redemption, pricing, and minimum investment thresholds, individual investors should treat this as a development to monitor rather than an immediate opportunity.

The broader RWA tokenization market crossed $35 billion in total value by late 2025, and Ripple's stablecoin RLUSD has surpassed $1.2 billion in circulation. These numbers suggest that the infrastructure for institutional-grade tokenized assets is maturing rapidly.

What This Means for Crypto Users

For crypto users and wallet holders, the Billiton Diamond tokenization is part of a larger trend that is expanding what onchain assets look like. Today it is stablecoins and governance tokens. Tomorrow it could be fractional ownership of a 5-carat diamond sitting in a Dubai vault.

If secondary markets develop, tokenized diamonds could eventually appear in DeFi protocols as collateral or in portfolio management tools alongside other RWA tokens. For crypto card users, the connection is indirect but real: as more real-world value moves onchain, the utility of crypto wallets and spending tools grows proportionally.

The UAE's regulatory framework under VARA is also worth watching. Ctrl Alt is the first VASP authorized to conduct issuer-related services in Dubai, which sets a compliance template that other tokenization projects will likely follow. Regulatory clarity in the UAE could attract more institutional capital into the region's crypto ecosystem, benefiting the broader market.

FAQ

What is being tokenized? Certified polished diamonds held in Dubai. Each token represents ownership of physical diamond inventory secured by Ripple's enterprise custody infrastructure.

Who is Billiton Diamond? Billiton Diamond Auctions DMCC is a Dubai-based auction house with over 20 years of experience in rough and polished diamond trading. They are a member of the Dubai Diamond Exchange and operate through the DMCC.

Who is Ctrl Alt? Ctrl Alt is a UAE-based tokenization infrastructure firm licensed by VARA. They have tokenized over $325 million in assets across real estate, private credit, and alternative investments.

What blockchain is being used? The XRP Ledger handles token issuance and transfers. Ripple provides the custody layer that secures the underlying assets.

Can I buy tokenized diamonds now? Not yet for general distribution. The project is currently a controlled pilot. Broader access depends on VARA regulatory approval and the development of secondary market infrastructure.

How is this different from diamond NFTs? Unlike speculative NFTs, these tokens represent certified physical diamonds with verifiable provenance. The tokens are backed by real inventory, not digital artwork.

Overview

Billiton Diamond and Ctrl Alt have moved $280 million in certified polished diamonds onchain using the XRP Ledger and Ripple custody technology. Based in Dubai and regulated under VARA, this controlled pilot represents one of the largest commodity tokenization efforts to date. While the minting milestone is impressive, the project's long-term success depends on developing robust redemption mechanics, transparent pricing formation, and liquid secondary markets. Crypto users should monitor this as a signal of accelerating RWA adoption, particularly within the UAE's increasingly crypto-friendly regulatory environment.