Angelina Jolie, Brad Pitt and son Pax at LACMA on April 11, 2012. Credit: PR NEWSWIRE

This ring was worth the wait!

Hollywood more or less exploded on Friday when Angelina Jolie and Brad Pitt confirmed their engagement after seven mega-high-profile years together.

The parents of six -- Maddox, 10, Pax, 8, Zahara, 7, Shiloh, 5, and twins Vivienne and Knox, 3 -- first gave a massive hint on Wednesday, when Jolie, 36, flashed a hard-to-miss engagement ring during a visit to LACMA with Pitt, 48, and Pax.

A brand-new closeup of the bauble reveals just what Pitt and the couple's longtime jeweler Robert Procop kept under wraps during a year-long design process. Worth an estimated $500,000 according to jewelry expert Michael O'Connor, the ring features emerald-cut diamonds "of the finest quality which was then transformed using Pitt's unique designs, cut with distinctive faceting to a shape and size that perfectly suits Angelina's long, slender fingers," Procop's rep explained.

"Brad Pitt remained heavily involved, overseeing every aspect of the creative design process from the perfect cut of the diamond centerpiece - an elongated tablet shape - to the finishing touches such as the mounting of a galaxy of smaller stones which are graduated in size and faceted to match, adding a crowning lustre to the ring," the rep continued.

"Yes, it's confirmed. It is a promise for the future and their kids are very happy," Pitt's manager Cynthia Pett-Dante told the Associated Press Friday. "There's no date set at this time. Brad designed the ring."

The couple have yet to step out since Friday's huge news. This will be Pitt's second marriage (he divorced Jennifer Aniston in 2005) and Jolie's third (she was previously wed to Jonny Lee Miller and Billy Bob Thornton).