Ripple-backed Project Tokenizes $280M Worth Of Diamonds In UAE

Ripple is supporting a major diamond tokenization effort in the UAE, where over $280 million worth of certified stones have been moved onchain.

Billiton Diamond and tokenization firm Ctrl Alt said the diamonds were tokenized using Ripple’s custody technology, with tokens issued on the XRP Ledger. The initiative targets institutional-grade asset tracking and settlement.

The diamonds are held in the UAE, and each token is tied to verified physical inventory. The next phase of the project depends on regulatory approval from Dubai’s Virtual Assets Regulatory Authority.

While tokenization improves transparency and settlement speed, key questions remain around trading, pricing, and redemption. These factors will determine whether the project can scale beyond a controlled pilot.

Dubai’s DMCC helped coordinate the initiative as part of the emirate’s push into real-world asset tokenization. The project highlights how blockchain is increasingly being tested in high-value commodity markets.

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