Latest News
- Kuwait-Jordan Durra Field Joint Statement Rejected By Iran
- GTD Cracks Down On Vehicle Noise Pollution In Sulaibiya
- Mystery Of Dead Fish At Shuwaikh Beach Sparks Urgent Action
- MEW To Complete Links With The Interior And Justice Ministries B...
- 8 Expats Jailed For Bribing An Officer To Obtain Driver's Licens...
- Weekend Weather Is Expected To Be Hot
- From Tomorrow, Traffic Diversion On Third Ring Road
- Ministry Of Health Refute Rumors On Non-availability Of Antibiot...
- Amir Of Kuwait And Jordan King Renew Commitment To Regional Secu...
- 37 Arrested With Narcotics And Firearms
- Outrage Over Candidate's Arrest
- Six Stores Shut Down In Jahra For Selling Fake Goods
A Hong Kong Billionaire Spent A Record 48.4 Million, Buying A 12.03-carat Diamond Dubbed Blue Moon For His Daughter
Hong Kong tycoon buys daughter $48m diamond in an auction in Geneva, his spokeswoman confirmed on Thursday. Property tycoon Joseph Lau, who last year was found guilty of bribery in neighbouring Macau, bought the rock at a Sotheby’s auction on Wednesday and immediately renamed it “The Blue Moon of Josephine” after his seven-year-old daughter.
The sale comes the day after he spent $28.5 million buying a rare 16.08-carat pink diamond — the largest of its kind to ever go under the hammer — from rival auction house Christie’s, which he renamed “Sweet Josephine”. A Hong Kong-based spokeswoman for Lau confirmed the two purchases.
“The first was the pink one ‘Sweet Josephine’ and the second one was the ‘Blue Moon of Josephine’,” she said. David Bennett, head of Sotheby’s international jewellery division, said the “Blue Moon” sale broke several records, making the gemstone “the most expensive diamond, regardless of colour, and the most expensive jewel ever sold at auction”.
The jewel, set in a ring, was sold for 48.6 million Swiss francs ($48.4 million, 40 million euros), including fees, with a starting bid of 43.2 million Swiss francs. It also fetched the highest-ever price per carat, he said, with the buyer shelling out 4.02 million Swiss francs per carat.
The previous world record for a jewel sold at auction was held by the 24.78-carat “Graff Pink” diamond, which was sold by Southeby’s for $46.2 million in November 2010. This is not the first time Lau has bought rare jewels for his daughter. In 2009, he reportedly spent $9.5 million on another blue diamond, which he renamed the “Star of Josephine”.
Josephine is his daughter with girlfriend and former aid Chan Hoi-wan, according to local media. The 64-year-old also has two children with long-time partner Yvonne Lui. In March last year, he was found guilty of bribing a former minister in the gambling enclave of Macau in an attempt to purchase a prime development site.
Lau, who was not in Macau for the sentencing, is unlikely serve time as the two semi-autonomous Chinese cities do not have an extradition agreement. He was locked in a telephone bidding war for eight minutes for “Blue Moon” before the hammer went down, with the precious jewel staying within its pre-sale estimate of $35-55 million.
The diamond was discovered in South Africa in January last year and was the largest cushion-shaped blue stone in the fancy vivid category to ever appear at auction. Experts say the market for coloured diamonds has grown increasingly robust and both the blue and pink diamonds garnered a lot of attention in the run up to this week’s jewel sales in Geneva.
SOURCE : GULFNEWS
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Thief Returns Stolen Money With An Apology Letter...
15 April 2024
Comments Post Comment