The rare fancy vivid blue, internally flawless, cushion-shaped diamond weighing 7.03 carats, which sold at Sotheby’s jewelry auction last week, was acquired by Mr. Joseph Lau Luen-Hung, a renowned Hong Kong diamond collector and connoisseur. Lau paid $9.48 million for the exquisite diamond and has exercised his right to name the diamond; it is now to be known as ‘Star of Josephine.’

The exceptional blue diamond broke two auction records at Sotheby’s auction on May 12, both the world record price per carat for any gemstone sold at an auction and the world record price for a fancy vivid blue diamond sold at an auction.

The blue diamond is among the most important diamonds ever to be offered for sale by Sotheby’s. The diamond was cut from a 26.58 carat rough diamond discovered in 2008 at Petra Diamonds’ Cullinan diamond mine in South Africa. The mine is the world’s most consistent source of blue diamonds