- Billiton and Ctrl Alt have partnered to tokenize diamonds in the UAE.
- The initiative launched over $280 million in tokenized diamonds.
- The group eyes regulatory compliance ahead of further expansion.
Billiton Diamond and the Ctrl Alt tokenization firm have partnered to move over $280 million worth of certified polished diamonds on-chain in the UAE. In a Tuesday press release, the firms noted that they used Ripple’s custody technology to secure the assets while deploying the XRP Ledger to mint tokens tied to physical inventory.
An Institutional-Grade Tokenization Pipeline in the UAE
According to the firms, they are structuring the initiative as an institutional-grade tokenization pipeline for polished stones in the UAE. In the meantime, the companies are positioning the project as a channel for faster settlement and clearer provenance data. However, they are working toward the next phase, which revolves around regulatory clearance.
Notably, expanding the project for wider distribution would significantly depend on approval from Dubai’s Virtual Assets Regulatory Authority (VARA). With regulatory clearance, the firms can pursue their targets, including listing tokenized diamonds on both primary and emerging secondary markets, enhancing accessibility, auditability, and operational efficiency across the end-to-end lifecycle.
Transforming the Polished Stones Marketplace
Executives of both firms expressed satisfaction with the latest achievement, with Jamal Akhtar, Joint Owner of Billiton Diamond, stating that the partnership transforms polished diamonds from a traditionally illiquid asset class into a transparent, investable digital asset that supports manufacturers, brands, and investors alike.
According to Akhtar, tokenization introduces unprecedented transparency and unlocks new liquidity. He further noted that it shortens working capital cycles for manufacturers and traders, opening the door to seamless global participation in Dubai’s growing luxury ecosystem.
Meanwhile, Robert Farquhar, Chief Executive Officer, MENA at Ctrl Alt, stated that his firm’s proven tokenization expertise and technology provided Billiton with a much-needed robust, institutional-grade infrastructure to handle the complexity and scale of polished diamond supply. Farquhar described Ctrl Alt’s solution as a technology with a clear, secure, and compliant route for diamond ownership to move on-chain, from asset origination to digital market participation.
What Remains Unclear in the Tokenization Model
The latest move by Billiton and Ctrl Alt highlights the growing encroachment of blockchain technology into the mainstream. However, it is worth noting that fine details, such as redemption mechanics, minimum lot sizes, and pricing for individual stones, remain unclear under Ripple’s custody and token infrastructure.
Related: UAE’s Commercial Bank International Launched a New Hub for AI, Tokenization and Web3: Meet CBIx
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