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Her Love Does Cost a Thing! Drake Buys Jennifer Lopez $100,000 Diamond Necklace

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Source: Jennifer Lopez/Instagram

They’re real!

Drake just took his relationship with Jennifer Lopez to the next level, gifting his love interest with a very special piece of jewelry to kick off 2017.

The rapper, 30, purchased the Tiffany Victoria necklace for $100,000, PEOPLE can confirm. Lopez wore the 17″ diamond strand— which features over 15 carats worth of round, pear and marquise-shaped diamonds set in platinum — on New Year’s Eve as seen in the photo above.  (Tiffany & Co. did not offer comment.)

The 47-year-old singer attended Drake’s New Year’s Eve show at the Hakkasan Las Vegas nightclub, cheering him from the audience and fueling dating rumors even further.

Romance speculation first sparked when the musical duo posted the below cuddly photo on Instagram, teasing an upcoming collaboration. Then they were seen kissing on the dance floor at a winter wonderland holiday event, where they were appropriately crowned king and queen of the ball.

Source: Drake Instagram

But don’t be fooled by the rocks that Drake gave her: They’re not in a rush to define their relationship.

“Jennifer and Drake seem really happy,” a source recently told PEOPLE. “Friends have no idea where the relationship is going.”

The insider added that Lopez had “moved on months ago” from  on-again, off-again beau Casper Smart and is focusing on new experiences in the year ahead.

“Jen is looking forward with excitement to the new year. She keeps hanging out with Drake, and he has visited her house,” the source shared. “She has nothing but nice things to say about Drake.”

And if the singer happens to find herself in the studio anytime soon, we think we found the name of her new single: “I Luh Ya (Champagne) Papi!

What do you think Drake’s generous gift? Share below!