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Corrupt Hong Kong Billionaire Buys $77 Million in Diamonds For His 7-Year-Old Daughter

A Hong Kong billionaire paid a total of $77 million for two massive diamonds which he promptly renamed and gave to his 7-year-old-daughter.

Real estate mogul Joseph Lau, who has a net worth of $9.8 billion, paid the record sum of $48.5 million for the 12.03-carat “Blue Moon” diamond at a Sotheby’s auction in Geneva on Wednesday night, according to the Associated Press.

Here’s the Real Reason Why Men Buy Engagement Rings When They Want to Get Married

The sparkly diamond ring that ends up on every newly engaged woman’s finger is a result of one company’s mastermind plan to perpetuate the myth that a diamond is a symbol of everlasting love.

The kind of engagement rings that existed prior to the late 1800s were not centered around diamonds, according to Attn. They were indeed a scarce commodity that was only known to be found in Brazil and India during that time. However, a market shift occurred when the precious stone was discovered in South Africa in 1867. Its abundant supply drove down the price of the gem, which rendered businesses centered around the precious gemstone less profitable.