Ctrl Alt and Billiton Diamond tokenize $280 million of Diamonds in UAE
Billiton Diamond, a Dubai based diamond management and auction services provider of rough and polished diamonds UAE regulated tokenization provider Ctrl Alt, have tokenized $280 million worth of diamonds held in the UAE secure through Ripple custody, with the aim of expanding access to diamond investment using blockchain and its power of tokenization.
Billiton, auctions diamonds using its Vickrey auction model that offers price clarity and efficient supply, and is now seeking to offer new innovative models for tokenized polished diamond sales.
Jamal Akhtar, Joint Owner of Billiton Diamond explained that they are transforming diamonds from an illiquid asset class into a transparent, investable digital asset that supports manufacturers, brands, and investors alike.
He believes that 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.
Under the collaboration, Ctrl Alt will provide the end-to-end tokenization of over $280 million worth of polished inventory from Billiton’s approved partners, building on the initial completed tokenization phase.
The tokenized assets will be secured through Ripple’s enterprise-grade custody technology. Tokens have been minted on the XRP Ledger (XRPL), chosen for its fast settlement, low fees, and scalable architecture.
Reece Merrick, Managing Director, Middle East & Africa, at Ripple, commented that as Billiton Diamond and Ctrl Alt move $280 million in diamond inventory onto the XRPL, their custody technology provides the rigorous security required to manage these assets at scale, proving that high-value physical assets can be moved on-chain with absolute confidence.”
Through this collaboration, Billiton will launch a new tokenized diamond platform that embeds real-time inventory management and certification data on the blockchain, allowing stakeholders to verify the origin, grading, and ownership history of each polished stone before any transaction.
It also aims to provide Billiton with a foundation to support the future listing of tokenized diamonds on both primary and emerging secondary markets, enhancing accessibility, auditability and operational efficiency across the end-to-end lifecycle.
These novel operations will be subject to regulatory approval by the Virtual Assets Regulatory Authority (VARA) prior to launch.
Robert Farquhar, Chief Executive Officer, MENA at Ctrl Alt, stated that their tokenization expertise and technology offered a clear, secure and compliant route for diamond ownership to move on-chain. He explains, “This establishes a more accessible and operationally efficient model for commodity investment in the UAE.”
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Through the infrastructure and partnerships we have developed, including recently with VARA, we are creating the frameworks for industry leaders such as Billiton Diamond and Ctrl Alt to apply digital innovation to the physical diamond trade and to advance the wider tokenization of high-value commodities in a manner that is secure, scalable and trusted.”
Already Ctrl Alt has been the platform for the Prypco and Dubai Land tokenization of property platform.
