12/11/2015 5:39 PM IST | Updated 15/07/2016 8:25 AM IST

This Blue Diamond That Sold For A Record-Breaking $48 Million Now Belongs To A Seven-Year-Old

Auction house Sotheby's has set a new record (for any diamond and gemstone) with the sale of a stunning blue diamond for $48 million. Christened 'Blue Moon Of Josephine' the rare stone has been bought by Chinese business tycoon Joseph Lau for his seven-year-old daughter.

These are not the seven-year-old first precious jewels: In the past, Hong-Kong based Lau also purchased a rare 16.08-carat pink diamond from rival auction house, Christie's, that he renamed 'Sweet Josephine' for $28.5 million, and in 2009, reportedly invested $49.5 million on another blue diamond, that the 64-year-old businessman named 'Star of Josephine'.

Previously called the 'Blue Moon' diamond, this magnificent stone has topped The Graff Pink diamond (24.78) carats that was sold at a Sotheby's auction for $46.2 million in November 2010. According to Sotheby's, this is the first time any diamond or gemstone has reached over $4 million per carat.

Discovered at the famous Cullinan Mine (owned by Petra Diamonds) that produced two of the most important jewels in the British Crown Jewels, the blue stone was polished by Cora International, and weighs 12.03 carats. It has been declared 'Internally Flawless', and 'Fancy Vivid Blue' (the highest colour grading for blue diamonds) by the Gemological Institute of America (GIA).

The auction, in total, raised $139.1 million. Other notable sales were an orangey-pink diamond from Sir Sean Connery's collection, weighing 15.20 carats, sold for 4.04 million; a vivid purple-pink diamond ring, weighing 8.24 carats, sold for $13.8 million; and a Kashmir sapphire and diamond ring, weighing 16.40 carats, sold for $2.76 million.

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