Ripple is conducting diamond tokenization worth $280 million in the United Arab Emirates.

Billiton Diamond and the tokenization firm Ctrl Alt have transferred a certified diamond carrier worth 280 million dollars into the blockchain using Ripple's custody technology and XRP Ledger in the United Arab Emirates. The project aims to create an enterprise-level tokenization process for polished stones.

However, the wider dissemination and distribution of the platform is subject to the approval of the Dubai Virtual Assets Regulatory Authority. While Ripple provides the underlying custody and token infrastructure, key market details such as how the tokens will be traded, minimum transaction sizes, and the pricing of individual stones remain uncertain. This raises questions about how much the tokens will be traded beyond a controlled pilot project.