E! was told by Andrew Brown, President of WP Diamonds, that Perry's ring was worth a whopping $5 million. "Katy's unbelievable engagement ring from Orlando Bloom would retail in the range of $5 million," Brown told the outlet. "What looks to be a 4-carat fancy vivid pink oval-shaped diamond arranged with eight white diamonds around it to assemble a flower 'in bloom'—this ring is truly one-of-a-kind and wildly valuable."
diamond expert and President of SuperJeweler Andrew Fox had a much more modest estimate. "Sorry to disappoint the $5 million ring estimators, but my estimation is that the ring is closer to $300,000-500,000," he told ELLE. "Why? The stone is not a pink diamond unless it is treated. The centre stone is simply too dark to be a natural pink diamond. The stone appears to be a pink sapphire from Madagascar, Sri Lanka, or Burma. The ring is either custom or antique, and there is no way to estimate the surrounding round diamonds, which from the picture could also be light purple sapphires."
The duo has been dating on-and-off since early 2016 when photos of them flirting at a Golden Globes after-party nearly broke the Internet. This will be the second marriage for each of them - Bloom split from model Miranda Kerr (with whom he shares an 8-year-old son Flynn) in 2013, and Perry finalised her divorce from comedian Russell Brand in 2012.
Following the engagement, a source told People, “Orlando had planned this for a while. He wanted it all to be special.”
The actor even went the old-fashioned route and sought Perry's parent’s permission before popping the question. “Katy’s family knew he was proposing. He talked to her parents about it before,” the source told the outlet.
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This article originally appeared on marie claire Australia.