Tycoon buys $48m diamond for daughter

A 12.03-carat blue diamond has been auctioned in Geneva for a record $48.4m (£31.7m) to a Hong Kong tycoon.
Joseph Lau confirmed he bought the ring-mounted, cushion-shaped stone for his seven-year-old daughter, renaming it “Blue Moon of Josephine” after her.
Auction house Sotheby’s said the sale had set “a new world auction record for any diamond of any colour”.
It is not the first time Lau, a property billionaire, has bought precious stones for his daughter.
The businessman – who was convicted of bribery and money laundering in 2014 – is also confirmed as the buyer of a 16.08-carat pink diamond, which Christie’s sold for $28.5m on Tuesday.