Billiton Diamond, the Dubai-based diamond auction house, and tokenisation provider Ctrl Alt have successfully tokenised over AED 1billion ($280million) of certified polished diamonds in the UAE.
The collaboration marks a significant milestone for the region’s commodities market. By digitising high-value inventory, the initiative aims to transform diamonds—traditionally an illiquid asset class—into a transparent, accessible, and operationally efficient digital asset.
Bringing gems on-chain
Under the partnership, Ctrl Alt is providing the end-to-end tokenisation infrastructure to bring Billiton’s approved partner inventory onto the blockchain. The tokens are minted on the XRP Ledger (XRPL), chosen for its speed and low transaction costs, while the physical assets are secured using Ripple’s enterprise-grade custody technology.
The project creates a platform where stakeholders can verify the origin, grading, and ownership history of each stone in real-time. This “digital twin” approach is designed to eliminate opacity in the supply chain and shorten working capital cycles for manufacturers and traders.
Jamal Akhtar, joint owner of Billiton Diamond, commented: “This partnership transforms polished diamonds from a traditionally illiquid asset class into a transparent, investable digital asset that supports manufacturers, brands, and investors alike. Tokenization introduces an unprecedented level of transparency, unlocking the potential for new liquidity… and opening the door to seamless global participation in Dubai’s growing luxury ecosystem.”
Institutional-grade infrastructure
The initiative has received support from the Dubai Multi Commodities Centre (DMCC), reinforcing its strategy to bridge physical trade with digital innovation.
Ahmed Bin Sulayem, executive chairman and CEO of DMCC, said: “This initiative reinforces DMCC’s role as the bridge between commodities, capital and next-generation digital markets… 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.”
Future trading plans
While the initial phase focuses on tokenising inventory, the partners plan to enable secondary market trading in future stages. This would allow investors to buy and sell tokenised diamond assets seamlessly. However, the companies noted that these novel operations, including secondary market listings, will be subject to regulatory approval by Dubai’s Virtual Assets Regulatory Authority (VARA) prior to launch.
Robert Farquhar, CEO of MENA at Ctrl Alt, added: “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.”
The move capitalises on Dubai’s strategic vision to become a global hub where traditional commodity trading converges with innovative blockchain infrastructure.
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