Tycoon buys $48.4m diamond for his 7 years old daughter

A convicted Hong Kong billionaire spent $48.4m (£31.8m) buying a 12.03-carat gemstone dubbed the Blue Moon Diamond for his seven-year-old daughter at an auction in Geneva.

The same property tycoon spent $28.5m (£18.7m) on a spectacular pink diamond known as "The Sweet Josephine" just a day earlier.

Aspokeswoman  confirmed that the twodiamonds were bought by Joseph Lau.

Mr Lau, according to Forbes has an estimated fortune of $9.8bn (£6.4bn). He was convicted of corruption charges in a Macau court last year and sentenced to more than five years in prison. He is suppose to be serving his jail term. He did not attend the trial and has remained free by avoiding travel to the former Portuguese colony which has no extradition treaty with Hong Kong. So he is currently not serving anyjail term.

His office also confirmed that he bought the diamonds.  A man that is suppose to serve a jail term is busy buying diamonds for himself and his daughter. What a wonderful world.