Music power couple, Beyoncé Knowles and Jay-Z have decided to put their hard earned cash in good use - by splashing out on luxury gifts for their new bundle of joy. The couple reportedly bought their baby daughter, Blue Ivy - what most children could only wish for - a solid gold rocking horse worth £390,000 - but the gifts do not stop there.

The couple, who became the proud parents of Blue on Saturday, (07.01.12) are also said to have splashed out on a £10,000 diamanté-encrusted high chair and £13,000 crib as part of the lavish shopping spree. Being the lucky baby she is - Blue has been welcomed to the world with Tiffany & Co diamond rattles and dummies, baby charm bracelets and a number of other luxurious gifts. The pair were thrilled to confirm the arrival of their “beautiful” daughter via the 'Countdown' singer's website stating: “Her birth was emotional and extremely peaceful, we are in heaven".