Miley Cyrus' Diamond Ring "Has All the Elements of an Engagement Ring"

Celebrity News Mar. 26, 2012 AT 11:41AM
Miley Cyrus' Diamond Ring "Has All the Elements of an Engagement Ring"

If and when Liam Hemsworth does ask Miley Cyrus to be his lawfully wedded bride, the 19-year-old pop star can expect some serious bling.

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The "Party in the USA" singer made headlines over the weekend when she stepped out at Muhammad Ali's Celebrity Fight Night XIII event in Phoenix, Arizona wearing a giant sparkler on her engagement finger. Despite its size, a source told Us Weekly that Hemsworth, 22, has not popped the question.

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Still, Cyrus' new bauble is something to behold. "Miley's ring has all the elements of an engagement ring, with an impressive round diamond of approximately 3 carats set in a floral design," says jewelry expert Michael O'Connor, who estimates the ring cost $50,000.

"We can only assume the real engagement ring would be set in platinum with an even larger diamond," O'Connor tells Us. "Fortunately for Liam, a platinum setting like this starts at about $1,000, so he will be able to put more money into an even larger diamond."

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Cyrus began dating Hemsworth, her Last Song costar, in 2009. "I try to be romantic," The Hunger Games' Hemsworth once told Us of his on-and-off love. "I surprise her with some flowers or a gift, or take her out to dinner."

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