The invention relates to a colloidal dispersion comprising rhabdophane-structured rare-earth phosphate particles (Ln) and a polyphosphate. Said dispersion is prepared by a method consisting in forming a medium comprising at least one type of rare-earth salt and a poly phosphate in such quantities that the P/Ln ratio is equal to or higher than 3, in heating the thus obtained medium and in removing residual salts, thereby obtaining said dispersion. Said invention also relates to a transparent luminescent material which is obtainable from said dispersion and based on the rare-earth phosphate particles and a polyphosphate and whose P/Ln ratio is higher than 1, to a luminescent system comprising said material and to an excitation source.