Iggy Azalea and Nick Young are engaged! Credit: Courtesy Iggy Azalea

What a ring!

Iggy Azalea got one hell of a surprise during her NBA boyfriend Nick Young's 30th birthday party on Monday, June 1 — a proposal, and the most insane yellow diamond engagement ring!

Young, aka Swaggy P, went down on one knee at the swanky, carnival-themed bash, and beamed from ear to ear as he asked his girlfriend of a year and a half, "Would you marry me?"

Wearing a totally white outfit with a bold red hat, the “Fancy” rapper laughed and gave her answer: "Yes!" before reaching into Young's jewelery box and picking up the $500,000 sparkler.

The happy moment was captured by pal Karen Civil, and shared with fans via Instagram. "Swaggy P celebrated his birthday tonight by popping the question to his girlfriend Iggy!," Civil captioned the video. The Real host Jeannie Mai was also getting snap happy at the event, and shared a couple of cute pictures from the uber-romantic moment.

"His bday. Her #happilyeverafter. That face..." Mai captioned one adorable snap of Young looking totally lovestruck.

His bday. Her #happilyeverafter. That face...???? @thenewclassic @swaggyp1 #Congrats ???

A photo posted by Jeannie Mai (@thejeanniemai) on Jun 1, 2015 at 10:58pm PDT

 

Young designed the stunning engagement ring himself, with the help of Jason of Beverly Hills. It features an 8.15 carat Fancy Intense yellow center stone with 2.28 carats of white diamonds set onto 18 karat white gold.

"Nick was very involved in designing the ring. We wanted it to be both a ring of Iggy's dreams and a ring that fit her personal style," Jason Arasheben, CEO of Jason of Beverly Hills tells Us Weekly exclusively. "It is always an honor when a client trusts me to help design a ring that symbolizes one of the most important decisions of their life."

Happiest Day #Isaidyes

A photo posted by Iggy Azalea (@thenewclassic) on Jun 2, 2015 at 12:54am PDT

And judging by Azalea's late-night Instagram posts, her husband-to-be did well with his designing!

????

A photo posted by Iggy Azalea (@thenewclassic) on Jun 2, 2015 at 1:01am PDT

"Happiest Day #Isaidyes," the 24-year-old Australian-born rapper captioned one close-up shot of her ring. "Love you @swaggyp1," she added as she shared two other pictures of herself and her new fiance, kissing and smiling at the camera — each picture not-so-subtly displaying her amazing rock!

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