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$77M For A 7-Year-Old: Convicted Tycoon Buys Rare Diamonds Worth $77 Million For 7-Year-Old Daughter

$77 million for a 7-year-old? That’s a bit too pricey, don’t you think? Well, this father doesn’t think so. The diamonds that he recently purchased are just another gift to his precious daughter.

According to the New York Post, Hong Kong billionaire Joseph Lau just purchased two rare, colored diamonds from auctions as a present to his 7-year-old daughter, Josephine.

Lau, who was convicted in 2014 in Macau for money laundering and bribery, is currently free, as he did not attend his trial and has avoided going to Macau in order to avoid going to jail. The two Chinese regions currently do not have an extradition agreement.

Lau’s spokesperson confirmed on Thursday that he was the highest bidder for the “Blue Moon” diamond, which is a 12.03-carat rare diamond that sold for $48.5 million. But that’s not all. The night before, Lau was also the top bidder for another rare diamond, a 16.08-carat pink diamond that sold for $28.5 million. Both auctions were held by Sotheby’s — one of the world’s largest brokers of jewelry.

 

According to WWNT Radio, Joseph Lau anonymously bought the diamonds, but when the two diamonds were renamed after his daughter, it was evident that he was the buyer. After all, this isn’t the first time he bought lavish gifts for his children. After the purchase, the “Blue Moon” diamond was renamed “The Blue Moon of Josephine,” while the rare pink diamond was renamed “Sweet Josephine” after his 7-year-old daughter. His representative, who wishes to remain anonymous, confirmed the sale.

Sweet-Josephine

“Yes, the two diamonds are bought by Joseph Lau.”
This isn’t the first diamonds Joseph bought Josephine. According to reports, in 2009, Lau bought Josephine a 7.03-carat blue diamond that amounted to $9.5 million. That diamond was renamed the “Star of Josephine.”

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Josephine is one lucky 7-year-old to be receiving all these diamonds from her father, but her older sister is lucky as well. Joseph Lau has a 13-year-old daughter named Zoe, who he also spoils with expensive diamonds. At two separate auctions — one in New York and the other in Hong Kong — Lau purchased two diamonds for Zoe, one 9.75-carat blue diamond and another 10.1-carat diamond and ruby brooch, amounting to $41.4 million. They gems were named “Zoe Diamond” and “Zoe Red.”
It’s quite easy for Joseph Lau to spend this much on his precious daughters. After all, he is, as estimated by Forbes, worth $10.2 billion. He is one of the biggest real estate investors in Hong Kong and boasts of having three jets and a massive diamond collection.
When the “Blue Diamond” was sold at the auction in Geneva, David Bennett, the auctioneer, talked about the purity of the stone.
“Tonight we set a new world record, a new auction record for any diamond, any jewel, any gemstone, with the sale of the Blue Moon diamond. I have never seen a more beautiful stone. The shape, the color, the purity — it’s a magical stone.”

Blue-Moon-Diamond

According to news outlets, the “Blue Moon” diamond that Lau bought for Josephine was cut from a 29.6-carat diamond that was found in Cullinan mine in South Africa, which is considered the “only reliable source in the world for blue diamonds.” The “Blue Moon” was cut and polished for three months.

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