Hong Kong billionaire Joseph Lau, who was convicted of corruption last year, was the buyer of two record-setting diamonds at auction this week, according to his office.

Lau paid about $77 million for the two gems, including "Blue Moon," a 12.03-carat fancy vivid blue diamond. It brought the highest price ever for a gem at $48.5 million, and was renamed "The Blue Moon of Josephine," stated Sotheby's after the Wednesday sale in Geneva.

A 16.08-carat vivid pink diamond was won by Lau the day before at Christie's for $28.5 million, a record for the category. The sparkling diamond ring was renamed "Sweet Josephine" after Lau's 7-year-old daughter, a spokeswoman said.

A Macau court convicted Lau of bribery and money laundering last year. While Lau was sentenced to more than five years in prison, he has eluded serving time by not traveling Macau. Hong Kong does not have an extradition treaty with Macau.