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| Tycoon buys $48m blue diamond at auction for daughter | Tycoon buys $48m blue diamond at auction for daughter |
| (about 1 hour later) | |
| A 12.03-carat blue diamond has been auctioned in Geneva for a record $48.4m (£31.7m) to a Hong Kong tycoon. | A 12.03-carat blue diamond has been auctioned in Geneva for a record $48.4m (£31.7m) to a Hong Kong tycoon. |
| Joseph Lau confirmed he bought the ring-mounted, cushion-shaped stone for his seven-year-old daughter, renaming it "Blue Moon of Josephine" after her. | Joseph Lau confirmed he bought the ring-mounted, cushion-shaped stone for his seven-year-old daughter, renaming it "Blue Moon of Josephine" after her. |
| Auction house Sotheby's said the sale had set "a new world auction record for any diamond of any colour". | Auction house Sotheby's said the sale had set "a new world auction record for any diamond of any colour". |
| It is not the first time Lau, a property billionaire, has bought precious stones for his daughter. | It is not the first time Lau, a property billionaire, has bought precious stones for his daughter. |
| The businessman - who was convicted of bribery and money laundering in 2014 - is also confirmed as the buyer of a 16.08-carat pink diamond, which Christie's sold for $28.5m on Tuesday. | The businessman - who was convicted of bribery and money laundering in 2014 - is also confirmed as the buyer of a 16.08-carat pink diamond, which Christie's sold for $28.5m on Tuesday. |
| It has been renamed "Sweet Josephine", a spokeswoman for Mr Lau told BBC News. | |
| In 2009, he bought another blue diamond for his daughter - the 7.03-carat "Star of Josephine" - paying what was then a record $9.5m. | |
| 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. | 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. |
| 'Beautiful stone' | 'Beautiful stone' |
| Sotheby's spokesman David Bennett described Wednesday's blue diamond as "magical". | Sotheby's spokesman David Bennett described Wednesday's blue diamond as "magical". |
| "I've never seen a more beautiful stone," he said. | "I've never seen a more beautiful stone," he said. |
| "The shape, the colour, the purity, it's a magical stone and everybody, I think, who put it on their finger thought so." | "The shape, the colour, the purity, it's a magical stone and everybody, I think, who put it on their finger thought so." |
| Two bidders were locked in a telephone bidding war for eight minutes before the hammer went down on Wednesday's sale, correspondents say, with the jewel not exceeding its pre-sale estimate of $35-$55m. | Two bidders were locked in a telephone bidding war for eight minutes before the hammer went down on Wednesday's sale, correspondents say, with the jewel not exceeding its pre-sale estimate of $35-$55m. |
| The diamond was found in South Africa in January last year and its striking blue colour is attributed to the presence of the element boron within its crystal structure. | The diamond was found in South Africa in January last year and its striking blue colour is attributed to the presence of the element boron within its crystal structure. |
| It was named "Blue Moon" to reflect its rarity. | It was named "Blue Moon" to reflect its rarity. |
| Experts say the market for coloured diamonds has become increasingly strong in recent months, with both blue and pink diamonds attracting a lot of attention in jewel sales in Geneva. | Experts say the market for coloured diamonds has become increasingly strong in recent months, with both blue and pink diamonds attracting a lot of attention in jewel sales in Geneva. |
| Coloured diamonds are among the rarest in the world, even ones that are not particularly vivid or clear. | Coloured diamonds are among the rarest in the world, even ones that are not particularly vivid or clear. |
| The Graff Pink - a 24.78-carat pink diamond auctioned for $46.2 million in Geneva in 2010 - was the previous diamond world auction record holder. | The Graff Pink - a 24.78-carat pink diamond auctioned for $46.2 million in Geneva in 2010 - was the previous diamond world auction record holder. |
| In 2013 a diamond known as the Pink Star was sold for what was then believed to be a record breaking $83m (£52m) - also at a Sotheby's auction in Geneva. | In 2013 a diamond known as the Pink Star was sold for what was then believed to be a record breaking $83m (£52m) - also at a Sotheby's auction in Geneva. |
| However, the buyer later defaulted on the purchase, and Sotheby's was forced to buy the diamond under its auction contract. | However, the buyer later defaulted on the purchase, and Sotheby's was forced to buy the diamond under its auction contract. |