Yesterday Hong Kong’s Joseph Lau bought a blue diamond in a Geneva auction for $48.4 million. He named it after his 7-year old daughter. The day before, he did the same thing with a $28.5 million diamond. Hit the jump for the carat count.

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The $48.4 million diamond clocks in at 12.03-carats. Lau named it “Blue Moon of Josephine” for his 7-year old daughter and the bue hue of the diamond.

The day before, Lau bought a $28.5 million diamond which comes in at 16.08-carats. Lau named this one “Sweet Josephine.” Lau has a track record for naming diamonds after his daughters: Zoe, 13, and Josephine, 7.

In 2009, Lau bought $8.4 million and $32.6 million diamonds for his daughter Zoe. He named them “The Zoe Red” and “Zoe Diamond” respectively.

Lau is the 114th richest person in the world, worth about $9.8 billion according to Forbes. He has a penchant for expensive indulgences. Lau also owns Andy Warhol’s Mao Zedong painting for about $14 million and the tallest building in Hong Kong.

Source: CNN