Billionaire buys world’s most expensive diamond for his 7-year-old

( CNN) It weighs a hefty 12.03 carats. The color? An exceptionally fancy vivid blue.

On Wednesday, the ‘Blue Moon’ diamond sold for a whopping $48.4 million, stimulating it the world’s most expensive diamond.

According to the auctioneer David Bennett, it is the “highest price per carat” ever obtained for any kind of stone.

The record sale, which took place at a Sotheby’s auction in Geneva, was a headline in itself. But when the successful bidder renamed it, ‘Blue Moon of Josephine’, tongues were defined wagging.

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