Would you buy a $69 million diamond for your 7-year-old daughter?

Many parents would imagine that buying their daughter a $200 toy vanity table is extravagent. They certainly haven’t met Hong Kong billionaire Joseph Lau, then.

According to a Straits Times report, the tycoon didn’t think twice about buying a 12.03-carat diamond worth US$48.4 million (S$69 million), in an auction on Wednesday 11 November in Geneva, for his 7-year-old daughter Josephine.

This makes it the world’s most expensive diamond. And it now belongs to a primary schooler.

Lau, who is a property magnate also known as “Big Liu”, had spent US$28.5 million for a rare 16.08-carat pink diamond — also for his little girl — from auction house Christie’s, just the day before.

The two diamonds were reportedly renamed “Blue Moon Of Josephine’ and ‘Sweet Josephine’, respectively.

Not the first time, probably won’t be the last

Young Josephine, whose mother is Lau’s girlfriend Chan Hoi-wan, already has an impressive jewellery collection thanks to her father, say reports.

In 2009, Lau bought a 7.03-carat blue diamond for US$9.48 million. He called it the “Star Of Josephine”.

He also purchased pieces of jewellery for his other, 13-year-old daughter with long-time partner Yvonne Lui, Zoe, last year — a 9.75-carat ‘Zoe Diamond’ (US$32.6 million) and a ‘Zoe Red’ ruby (S$11.9 million).

Lau stands at #114 in Forbes’ Billionaires (2015) list and has a net worth of US$10.2 billion, according to Forbes. He is also the sixth richest person in Hong Kong.

The billionaire also has a total of six children from three different women – Chan, Lui and ex-wife Bo Wing Kam, according to reports.

Take this poll below — how much would you spend on a present for your child?

We’d like to throw this question at you: what kind of an example does Lau set for his young daughter by giving her ridiculously expensive gifts such as the diamond? Do share your opinion in a comment below.