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

The most expensive diamond in the world now belongs to a 7-year-old. Yes, you read that correctly. A Hong Kong businessman purchased the whopping $48.5 million diamond for his young daughter.

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

In a statement, auctioneer David Bennett said, "This show-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 by billionaire Joseph Lau. After bidding on the diamond, the billionaire renamed it "The Blue Moon of Josephine" appropriately after his daughter Josephine.

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

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