Sotheby’s announced that in what may be termed to be one of the exceptionally large blue diamonds, sold Wednesday for 48.6 million Swiss francs or $48.5 million, a record price for any jewel at auction. The 12.03-carat 'Blue Moon' diamond, set in a ring, was said to be among the largest known fancy vivid blue diamonds and was the showpiece gem at the Sotheby's jewellery auction. A packed room broke into applause after the hammer came down at a price of 43.2 million Swiss francs, excluding fees — within the pre-auction estimate range of about 34 to 54 million francs.

As auctioneer David Bennett said, “Tonight we set a new world record, a new auction record for any diamond, any jewel, any gemstone, with the sale of the Blue Moon Diamond. For me, the blue moon was always the blue diamond of my career. I have never seen a more beautiful stone. The shape, the color, the purity — it's a magical stone.” He specified the price as $48,468,158.

However, Sotheby’s didn't identify the buyer but in both cases it was Hong Kong billionaire Joseph Lau, his office said Thursday."Yes, the two diamonds are bought by Joseph Lau," said a spokeswoman, who hung up without identifying herself.

In the meantime, on its Twitter account, Sotheby's said the jewel was purchased by a Hong Kong private collector and was promptly renamed 'The Blue Moon of Josephine'- a similar name to one given to a pink diamond ring that sold for $28.5 million at Christie's in Geneva a day earlier: 'Sweet Josephine.'