Chinese Billionaire Buys Diamond Worth $48.4 Million for 7-Year-Old Daughter

The blue moon diamond.

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A Hong Kong real estate tycoon worth billions has spent $48.4 million on a 12.03 carat diamond – for his 7-year-old daughter. He snatched up the rock at a Sotheby’s auction in Geneva and renamed it “Blue Moon of Josephine” after his daughter.

And it gets better. Just a day before the purchase, Joseph Lau dropped $28.5 million on a 16.08 carat pink diamond from a Christie’s auction and named it “Sweet Josephine”. That alone was jaw dropping enough.

Joseph Lau with his daughter and the diamonds he bought for her.

Image Source: Daily Mail

That kid had better do her chores and get her homework done every single day. For the rest of her life. Especially considering that Lau had already bought her a diamond in 2009 worth $9.5 million — which is peanuts considering her two recent gifts.

Sotheby’s confirmed that the “Blue Moon” sale broke a bunch of records and is the most expensive stone ever sold. The previous record was a $46.2 million sale about five years ago.

The daughter in question is with Lau’s current girlfriend and he also has two other children from a previous relationship. No word on how he chooses to spoil those kiddos.

It took Lau eight minutes of bidding to lock up the “Blue Moon” – discovered in South Africa — which means there were other bidders with nothing else to do with their fortunes but bid on diamonds mined from the ruthless South African gem racket.

I’m glad this dude loves his daughter so much that he would spend close to $100 million in diamonds on her, but do you have any idea what someone could do with that kind of cash?

You could buy an island for that much. Or 100 million items from the Dollar Menu.

I’m not sure what is worse, the extreme amount spent on diamonds or the fact that she is only 7-years-old and would be happy with some packs of gum and chocolate milk. When I was seven, my dad got me a shovel and then proceeded to have me dig a ditch at 6am every Saturday morning, only to fill t back in again – because he claimed it builds character.

So yeah. I can totally relate.

Source: The Guardian