Mr Joseph Lau Luen-Hung, a Hong Kong based tycoon is the owner of the record breaking US$9.5 million 7.03 carat blue diamond sold on the 12th of May 2009. He is collector and real estate businessman, chairman of Chinese Estates.
At the time of the sale he remained anonymous, bidding by telephone.It was a record breaking sale because it fetched the highest price per carat for any gemstone at an auction .
Sothebys released his name on Tuesday the 19th of May. Lau owns 71% stake in Chinese Estates Holdings. With a net worth of US$ 4 billion he is the fifth richest person in Hong Kong ,according to Forbes Magazine .