Diamond from SA Bought by Hong Kong Tycoon for Record $48 Million

GENEVA – A Hong Kong property tycoon has bought a 12.03-carat blue diamond found in South Africa last year at auction for a record $48.4 million (£31.7m), it was reported on Thursday, the second diamond he had bought for his seven-year-old daughter in two days.

Joseph Lau confirmed that he had bought the “Blue Moon” diamond at Sotheby’s for his daughter and was calling it “Blue Moon of Josephine” after her, according to news reports. Lau also bought a 16.08-carat vivid pink diamond for $28.5 million auctioned by Christie’s the night before. Christie’s said the buyer renamed that diamond “Sweet Josephine”.

The polished blue gem “Blue Moon” was cut from a 29.6-carat diamond discovered in 2014 in South Africa’s Cullinan mine, which also yielded the 530-carat “Star of Africa” blue diamond that is part of the British crown jewels, and the Smithsonian Institution’s “Blue Heart” discovered in 1908.

Lau, who was estimated by Forbes to be worth at $9.9 billion, stepped down as CEO of his flagship real estate company in 2014 after being found guilty in a Macau court of bribery and money laundering.

He was sentenced to five years in jail after his corruption convictions in a Macau court, but has avoided prison by not visiting the territory. There is no extradition treaty between Macau and Hong Kong.

Sotheby’s said the sale had set “a new world auction record for any diamond of any colour”.

In 2009, Lau bought another blue diamond for his daughter – the 7.03-carat “Star of Josephine”, paying what was then a record $9.5m.