Tycoon buys $48m blue diamond at auction for daughter

[nycspring]

http://www.bbc.com/news/world-europe-34795005

"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".
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.
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."

Must be nice to be his daughter! Except for the whole corruption conviction thing...

 

[kenny]

Wow!

The hue looks more sapphire-like.
But FCDs can be so surprising!

 

[chrono]

Probably just a bad picture? Then again, most blue diamonds are very drab and gray looking in person. I think this one looks better than most I've seen (in pictures, discounting those that have been photoshopped for magazine covers).

 

[Circe]

... for his 7 year old.

Quite a starter diamond ....

 

[partgypsy]

Not to be totally cynical, but could there be a financial reason behind why he is doing this such as it being a gift to daughter, cannot be seized by the government in case he is convicted of something but as she is a minor he could take it back if he is needing funds, or a way to money-launder? Beautiful stone but not something a 7 year old would appreciate.

 

[chrono]

Not to be totally cynical, but could there be a financial reason behind why he is doing this such as it being a gift to daughter, cannot be seized by the government in case he is convicted of something but as she is a minor he could take it back if he is needing funds, or a way to money-launder? Beautiful stone but not something a 7 year old would appreciate.

Like you, I think he is using these gifts to her as an excuse to cover up his tracks and as a safety net/haven of sorts for his money.

 

[OreoRosies86]

Daddy is a crook, I'm sure they heartily enjoy spending other people's money.

 

[nycspring]

Agree that these purchases were mainly financial decisions.

Another picture of this vivid blue from Forbes- wish I could see this beauty in real life!

http://www.forbes.com/sites/anthony...e-moon-diamond-eclipses-world-auction-record/

 

[Jambalaya]

I think it's completely creepy and unhealthy spending multi-millions on diamonds for a daughter and naming them after her with such sugary names, too. It's like some kind of worship. Especially weird given that she's only seven. I think this is more appropriate behavior towards an adult partner. And good luck to the daughter with finding a husband who can measure up to Daddy's worship when she's older!

ETA: The thought crossed my mind about it being a financial decision, but it's an odd one - there are tons of ways of hiding money in trusts and offshore accounts, etc. I think it's more likely that he's a very strange individual than that he's making smart financial moves.

 

[ame]

... for his 7 year old.

Quite a starter diamond ....

SERIOUSLY.

But this is basically him protecting his money and putting it all in her name so it cannot be seized should he be put in jail.

 

[nycspring]

... for his 7 year old.

Quite a starter diamond ....

SERIOUSLY.

But this is basically him protecting his money and putting it all in her name so it cannot be seized should he be put in jail.

Definitely!

"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."

So her starter diamond was at age 1 and "only" 7 carats.......!

 

[Sunstorm]

I find it really odd because while they may be financial decisions, he is making them completely public. I would think that there are easier and less transparent ways to hide money. I also wonder why he allowed them to publish that he was the buyer. I too think he must be a weird person. Also wonder why he is not gifting an adult woman but then again that may be for matrimonial property laws.

 

[arkieb1]

I agree a lot of the sheiks and high end businessmen that end up with these sorts of stones have agents that buy them and their names are never published. The guy that bought it obviously wants everyone to know about it.

 

[Niel]

i heard he got this and the pink oval....

 

[Andelain]

Daddy!!!!!

 

[Gypsy]

Daddy!!!!!

 

[AprilBaby]

Gorgeous! Wonder what she will do with it when she gets older.

 

[Dancing Fire]

Daddy is a crook, I'm sure they heartily enjoy spending other people's money.

Most of his money was made from real estate and stock investments. Yes, some were from corruption.

btw; Mr. Lau is very well known for sleeping with every female movie star in HK...

 

[kenny]

Mr. Lau is very well known for sleeping with every female movie star in HK...

Wow, that's a lot of sleeping.
He must have been very tired.

 

[Dancing Fire]

Mr. Lau is very well known for sleeping with every female movie star in HK...

Wow, that's a lot of sleeping.
He must have been very tired.

 

[arkieb1]

Daddy is a crook, I'm sure they heartily enjoy spending other people's money.

Most of his money was made from real estate and stock investments. Yes, some were from corruption.

btw; Mr. Lau is very well known for sleeping with every female movie star in HK...

Maybe he will name the next diamond "not tonight Josephine" if that is the case

 

[tuffyluvr]

Not to be totally cynical, but could there be a financial reason behind why he is doing this such as it being a gift to daughter, cannot be seized by the government in case he is convicted of something but as she is a minor he could take it back if he is needing funds, or a way to money-launder? Beautiful stone but not something a 7 year old would appreciate.

Like you, I think he is using these gifts to her as an excuse to cover up his tracks and as a safety net/haven of sorts for his money.

+3. This was my first thought as well. I haven't done any research to confirm if he is still married to Josephine's mother, but if he is, why wouldn't he gift the jewels to his wife? Unless he is trying to protect them from being seized as a joint asset, that is...

 

[Dancing Fire]

Not to be totally cynical, but could there be a financial reason behind why he is doing this such as it being a gift to daughter, cannot be seized by the government in case he is convicted of something but as she is a minor he could take it back if he is needing funds, or a way to money-launder? Beautiful stone but not something a 7 year old would appreciate.

Like you, I think he is using these gifts to her as an excuse to cover up his tracks and as a safety net/haven of sorts for his money.

+3. This was my first thought as well. I haven't done any research to confirm if he is still married to Josephine's mother, but if he is, why wouldn't he gift the jewels to his wife? Unless he is trying to protect them from being seized as a joint asset, that is...

He will always take good of his mistresses first...

 

[AdaBeta27]

Y'all ar too funny!