The Oscar winner sports a huge rock as rumors swirl about her and Javier Bardem

By Jeffrey Slonim
October 12, 2009 08:30 AM
Evan Agostini/AP

A dazzling movie star deserves a dazzling ring – and Penélope Cruz didn’t disappoint Sunday night. But was it an engagement ring? Or simply a conversation piece?

Whichever, all eyes were on the Spanish star at the premiere of director Pedro Almédovar’s Broken Embraces on Sunday’s closing night of the 47th New York Film Festival at Lincoln Center, where Cruz, 35, wore what appeared to be a knuckle-sized sapphire surrounded by small diamonds on her ring finger.

QUIZ: Guess the Bling!
“She has achieved a very handsome, good boyfriend, two Oscar nominations, one Oscar and the respect and admiration of her profession,” Almédovar, 60, said.

But Cruz didn’t speak about what, if anything, the ring signifies, preferring instead to talk about Almédovar’s generosity to his actors rather than boyfriend Javier Bardem’s generosity with jewelry. (A source close to the actress also declined to address the ring’s significance.)

“Pedro and I have been friends since I was a kid,” said Cruz. “We spent three months finding the characters. That’s very generous of him, very rare.”

“She’s emotional in general in her life,” Almédovar told PEOPLE. “Between takes, during takes The sentiments were coming freely about the character, so I had to dry many tears in this movie with her.”

PeopleTV Archive: Penelope Cruz on her important pre-Oscar stop