A rare blue diamond sold for a record-breaking $48.5 million. A Hong Kong billionaire is giving it to his 7-year-old.

Blue diamond ring.
(Image credit: MSN/Twitter)

One lucky 7-year-old now has two rare, colored diamonds named after her — one of which holds the world auction record for the most expensive diamond ever sold. Hong Kong billionaire real estate tycoon Joseph Lau broke records Wednesday night when he snatched up the 12.03-carat "Blue Moon" diamond and a 16.08-carat pink diamond. They sold for a combined $77 million at separate auctions in Geneva.

Lau promptly renamed the stones "The Blue Moon of Josephine" and "Sweet Josephine" respectively; they were both gifts for his young daughter, a spokesperson told CBC.

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Jeva Lange

Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.