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A Chinese billionaire thought that $77 million dollars worth of rare diamonds would be the perfect gift for his 7-year-old.

Joseph Lau, who is either the sweetest or craziest dad in the world, purchased the two massive rocks for his daughter at a Sotheby's auction. The 12-carat blue colored diamond, which he later named the "Blue Moon of Josephine after her, went for a record-setting price of $48.5 million, while the 16-carat pink colored stone—now called "Sweet Josephine"— was a steal at $28.5 million, reports the New York Post.

Apparently, the property developer who has an estimated worth of $9.9 billion has a habit of buying his children crazy expensive stones. In 2009, he set another record by purchasing a $9.5 million blue diamond and last November he bought a $33 million diamond for his 13-year-old daughter Zoe.