UAE Digitizes Diamonds on XRP Ledger: Over $280 Million in Assets Now Secured On-Chain

Dubai's commodity trade just got a blockchain backbone—and it's not messing around.

The United Arab Emirates has tokenized a diamond stockpile worth north of $280 million, settling the assets directly on the XRP Ledger. This isn't a pilot or a proof-of-concept. It's live, on-chain value, moving through a decentralized network built for speed.

From Vault to Validator

Forget paper certificates and slow audits. Each stone now carries a digital fingerprint—immutable, transparent, and settling in seconds. The ledger doesn't just record ownership; it becomes the system of record, cutting out layers of intermediaries that traditionally take a slice and add days to the process.

Why XRPL? Try 'Finality'

Other chains talk scalability. XRP Ledger delivers finality. For high-value commodity trading, a transaction that can't be reversed in three to five seconds isn't just fast—it's foundational. It bypasses the settlement risk that keeps traditional finance lawyers in business.

The move signals a deeper shift: sovereign wealth isn't just investing in crypto; it's building critical infrastructure on it. Tokenizing real-world assets (RWA) is the narrative, but the real story is which rails they choose. The UAE just placed a massive, glittering bet on XRPL's architecture.

The New Gold Standard?

Diamonds are a start. Watch for precious metals, carbon credits, and even sovereign debt to follow the same path. The infrastructure, once proven, invites imitation. It turns blockchain from a speculative asset class into the plumbing for global capital flows—a far less sexy, but infinitely more powerful, role.

One cynical finance jab? Wall Street has spent a decade debating blockchain 'use cases' while a desert kingdom just moved a quarter-billion in gems onto a public ledger. Sometimes innovation doesn't come from the center—it comes from the places with the most to gain by leaving the old system behind.

XRP Ledger Powers Dubai Tokenization Push

According to the companies’ press release, Ctrl Alt has already tokenized more than AED 1 billion in diamonds, with tokens minted on the XRP Ledger. The partners said the network was selected for “fast settlement, low fees, and scalable architecture,” while the tokenized assets are secured through Ripple’s “enterprise-grade custody technology.”

Reece Merrick framed the MOVE as a proof point that custody and auditability are central to institutional-grade commodity tokenization. “This initiative shows how Ripple’s technology can bridge the gap between physical assets and the digital economy, utilising our enterprise-grade custody solution to secure high-value diamond assets with unrivalled trust and security,” Merrick wrote on X.

He added that the firms were “providing the infrastructure needed to move physical commodities on-chain at scale,” calling it “a significant leap forward for the future of commodities tokenization.” Notably, the firms first announced their partnership in July last year.

Billiton, which the release describes as a leader in rough diamond auctions using a Vickrey auction model, said the collaboration is intended to expand into tokenized polished diamond sales phases. The planned platform WOULD embed real-time inventory management and certification data on-chain, enabling verification of origin, grading, and ownership history before trades.

The firms also pointed to future “secondary market readiness” workstreams: custody, transfer, and market participation, implying the tokens are being structured not just as a digitized record, but as infrastructure for distribution.

The press release said the next stages are subject to regulatory approval by Virtual Assets Regulatory Authority (VARA) prior to launch. That detail matters: the partners are explicitly positioning the effort as compliant market infrastructure, not a one-off proof of concept.

Jamal Akhtar argued the Core unlock is liquidity and time-to-cash in a market where diamonds have traditionally been operationally complex to finance and transfer.

“This partnership transforms polished diamonds from a traditionally illiquid asset class into a transparent, investable digital asset that supports manufacturers, brands, and investors alike,” Akhtar said. “Tokenization introduces an unprecedented level of transparency, unlocking the potential for new liquidity, shortening working capital cycles for manufacturers and traders, and opening the door to seamless global participation in Dubai’s growing luxury ecosystem.”

The announcement also credits DMCC with connecting stakeholders and helping build the ecosystem for diamond tokenization, with Ahmed Bin Sulayem describing DMCC as a “bridge between commodities, capital and next-generation digital markets,” and pointing to coordination with VARA as part of the framework underpinning the rollout.

Ctrl Alt’s Robert Farquhar said: “‍Billiton needed robust, institutional-grade infrastructure to handle the complexity and scale of its polished diamond supply. Our proven tokenization expertise and technology provide a clear, secure, and compliant route for diamond ownership to move on-chain, from asset origination to digital market participation. This establishes a more accessible and operationally efficient model for commodity investment in the UAE.”

At press time, XRP traded at $1.60.