The United Arab Emirates has initiated a $280 million diamond tokenization project using Ripple's blockchain technology. This initiative, one of the largest real-world asset tokenizations in the Middle East, aims to transform physical diamonds into digital securities, potentially reshaping global commodity trading. Billiton Diamond, in partnership with Ctrl Alt, will digitize diamonds stored in Dubai, utilizing Ripple's custody technology and the XRP Ledger for secure asset management. The project aligns with Dubai's strategic goal to become a global virtual assets hub, pending approval from Dubai's Virtual Assets Regulatory Authority (VARA). Ripple's enterprise technology provides secure custody solutions, token issuance, and transaction capabilities, marking its expansion into asset tokenization. This development could enhance liquidity and transparency in the diamond industry, with potential implications for other high-value commodities.