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.
[caption id="attachment_171549" align="aligncenter" width="670"] Hong Kong billionaire buys world's most expensive diamond for daughter: Josephine is reportedly a huge fan of British singing sensation Connie Talbot.
Images from The Daily Mail[/caption]
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?
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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.