Through the collaboration between Billiton Diamond and Ctrl Alt, UAE-certified polished diamonds worth over 1 billion dirhams (approximately $280 million) have been tokenized on the XRP Ledger. The project aims to create an end-to-end tokenization platform for the Dubai diamond market by transferring traditional offline processes onto the blockchain, enhancing diamond provenance verification and simplifying settlement procedures. The partnership chose XRP Ledger for its fast settlement speed, low costs, and the adoption of Ripple's custodial technology. The project is pending regulatory approval from VARA and aims to build compliant market infrastructure, transforming diamonds into transparent, highly liquid digital assets.

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