Hong Kong Businessman buys $48million diamond for seven-year-old daughter

Mike Gallagher

Nov 12, 2015 - 10:33

Nov 12, 2015 - 10:52

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Hong Kong Businessman buys $48million diamond for seven-year-old daughter

'A Hong Kong businessman has spent $75million on two recording-breaking diamonds in the past two days - and gifted both to his seven-year-old daughter Josephine (pictured on his lap in 2012). Joseph Lau's office confirmed the real estate investor - wo', NULL, NULL, 0); INSERT INTO `articles` (`id`, `category_id`, `user_id`, `user_domain`, `author`, `title`, `image`, `created`, `last_edited`, `body`, `last_read`, `times_read`, `today_read`, `status`, `sefriendly`, `link`, `order_num`, `show_poll`

A Hong Kong billionaire businessman worth an estimated $10billion bought his seven-year old daughter the world's most expensive diamond gift when he paid a whopping $48million for the gem.

Joseph Lau paid the record-breaking price for The Blue Moon Diamond, a ‘flawless" 12.03 carat gem with the highest possible grading.

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The large blue diamond (pictured) became the most expensive piece of jewellery ever sold after Lau bought it for $48 million and promptly renamed it 'The Blue Moon of Josephine' after his seven-year-old daughter

The diamond was sold by Sotheby"s in Geneva with Lau winning the auction after a tense eight-minute sale which saw a total of 30 bids.

Mr Lau, a property tycoon, has renamed the $48 million diamond The Blue Moon Josephine, after his daughter.

The Hong Kong businessman also paid $27 million for a pink diamond which he is renaming the Blue Moon of Josephine.

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Joseph Lau is pictured here leaving a restaurant with his girlfriend Chan Hoi-wan in Hong Kong in March last year. Lau is a property developer who was convicted in 2014 at a Macau court on corruption charges and sentenced to more than five years. He has remained free by avoiding travel to the former Portuguese colony

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The previous day, Lau had purchased this rare pink diamond for $27million. It too was a gift to his daughter which he renamed 'The Sweet Josephine' in her honor