Being daddy's little girl must be pretty rich if your name is Josephine Lau. According to the Guardian, the 7-year-old girl's father, billionaire tycoon Joseph Lau of Hong Kong, just paid $48.5 million for a 12.03-carat diamond ring at a Sotheby's auction in Geneva, Switzerland.

Getty

Lau placed his winning big and immediately renamed the "Blue Moon" diamond, calling it the "Blue Moon of Josephine." But that alone wasn't enough to lavish on his daughter. The day before he bought the blue rock, Lau also bought his baby girl another precious stone: a 16.08-carat pink diamond that he practically got at a discount for $28.5 million. He named that diamond "Sweet Josephine."

The Blue Moon of Josephine Getty

According to the auction house, the sale of the blue diamond is the first time ever that a diamond has sold for more than $4 million a carat. It's also the most money anyone has ever spent at auction for a jewel. Well, you know what they say — can't take it with you. So you might as well give it to your kid in the form of two really sparkly rocks.

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STORY BY HELIN JUNG Helin Jung is a writer and editor based in Los Angeles.

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