A new per-carat record price (US$3.6 million) for a diamond was established when Sotheby’s sold a vivid 12.03-carat diamond dubbed “Blue Moon” in Geneva. According to the auction house, the diamond sold for US$43.2 million Swiss francs (US$43 million, 40 million euros) November 11.

The BBC reports that the buyer is Hong Kong property tycoon Joseph Lau. Lau bought it for his seven-year-old daughter Josephine. Accordingly, he has renamed the stone “Blue Moon of Josephine,” marking only the latest diamond acquisition by Lau for his child. Lau is infamous for his 2014 bribery and money laundering conviction in Macau; he has avoided his five-year prison sentence by staying clear of Macau, which has no extradition treaty with Hong Kong.

Returning to the blue diamond, the price Lau paid was “the highest per carat” ever for this type of precious stone, said David Bennett, head of Sotheby’s international jewelry division. The diamond, described as flawless by experts, had an estimated sale price between US$35-55 million.