The new owner of a $48.5 million diamond, the world’s most expensive, is a 7-year-old

The most expensive diamond in theworld now belongs to a 7-year-old. Yes, you read that correctly. A Hong Kongbusinessman purchased the whopping $48.5 million diamond for his youngdaughter.

The Blue Moon diamond was auctionedoff Wednesday in Geneva, Switzerland. According to the auction house, Sotheby’s, the 12.03carat diamond breaks down to roughly $4 million-plus per carat making it the“highest price per carat” ever.

Photo: FABRICE COFFRINI/AFP/Getty Images

In a statement, auctioneer David Bennett said, "Thisshow-stopping blue diamond surely is a once-in-a-lifetime stone."

While the bidder remained anonymous,other outlets have confirmed that the diamond was indeed purchased bybillionaire Joseph Lau. After bidding on the diamond, the billionaire renamedit "The Blue Moon of Josephine" appropriately after his daughterJosephine.

Prior to bidding on the record-breaking gem, Joseph had reportedly purchased a pink $28.5 million stone forhis 7-year-old daughter the day before, which he named “Sweet Josephine.”

This isn’t the first time the HongKong business man has showered his children with jewels. Just last year, hepurchased a blue $32.6 million diamond and $8.43million Burmese ruby and diamond brooch for his other daughter Zoe and in 2009 purchased a $9.48 million blue diamond forJosephine.