Chinese billionaire spends $75 million on diamonds for his daughter
A Chinese billionaire has paid more than $75 million for two of the world's most valuable diamonds in Geneva.
Property tycoon Joseph Lau bought two stones, from Christie's and Sotheby's respectively, and immediately renamed them both after his daughter.
His first purchase of the week came on November 10 at the Christie's Magnificent Jewels sale, where he purchased the largest cushion-shaped fancy vivid pink diamond ever offered at auction.
Weighing 16.08 carats, the stone sold for a record price of $28.5 million. Following his winning bid, Lau named the stone 'The Sweet Josephine' after his seven-year-old daughter.
The following day he went a step further at the Sotheby's Magnificent and Noble Jewels sale, by acquiring the famous Blue Moon diamond.
The 12.03-carat diamond was described by Sotheby's Chairman of Jewelry David Bennet as a "show-stopping, once-in-a-lifetime stone", and it seemed Mr Lau agreed. Following eight minutes of competitive bidding over the phone, Lau captured the gem for a final price of $48.46 million – setting a new world record price for any jewel ever sold at auction.
The record had previously been held by The Graff Pink, a 24.78 carat pink diamond which sold for at Sotheby’s Geneva in 2010 for $46.2 million.
Lau then renamed the precious stone 'The Blue Moon of Josephine' as another tribute to his daughter. According to reports, this now makes three 'Josephine' diamonds, as Lau apparently bought and then renamed another blue diamond, worth $9.5 million, back in 2009.
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