"She lost her mind over the ring," the Bachelor franchise's go-to jeweler Neil Lane tells PEOPLE.

Surely, few people deserve a fabulous engagement ring more than Ashley Iaconetti, the Bachelor in Paradise alum who waited three long years for her happily-ever-after with Jared Haibon. And now, after an emotional journey to forever romance, she has just that: a dazzling 2.4 carat diamond and platinum ring.

Handmade by Neil Lane, the ring wowed Iaconetti, 30, when Haiban, 29, recently proposed in Mexico during the upcoming season of BIP, the summer spin-off series where The Bachelor fan faves’ up-and-down relationship began in 2015.

Credit: Courtesy Neil Lane. Inset: Gabriel Olsen/WireImage

“It’s so, so beautiful and it’s a symbol of our love and commitment, but Jared is my prize,” says Iaconetti. “This is a pretty piece of jewelry! I already feel bare without it on my finger.”

Haibon says he knew Iaconetti was hoping for an “elegant band over a big diamond,” and had received photos from her sister Lauren.

“I’ve always wanted a princess radiant cut with a small band and a nice big stone,” she says. Adds Haibon: “From there I just talked to Neil Lane about what I wanted out of the ring. The good thing was her wants and my wants were exactly the same. Neil was very gracious. It was actually his idea to put the little halo around it to really make the diamond stand out.”

“She lost her mind over the ring,” says Lane, the go-to jeweler for the ABC franchises.

And what’s not to like? The romantic sparkler is set with a rectangular, radiant-cut center stone and surrounded by 86 smaller, full-cut diamonds.

“It’s faceted on the bottom and very sparkly, very prismatic and flashy,” he says. “It’s not subtle.”

Ashley Iaconetti and Jared Haibon ring Neil LaneCredit: Courtesy Neil Lane
Credit: Courtesy Neil Lane

With guidance from Haibon, Lane made sure the ring reflected what he saw in his bride-to-be.

“Jared feels she is truly radiant and he wanted the diamonds to go around the center, a circle which reflects eternal love and a continual journey,” says Lane, who had less than three weeks to design and make the ring.

Ashley Iaconetti and Jared Haibon ring Neil LaneCredit: Courtesy Neil Lane
Credit: Courtesy Neil Lane

While he’s thrilled Iaconetti gave his handiwork the thumbs up, Lane is mostly pleased to see the pair have made it work. “It’s like their love has come full circle and is only growing,” he says. “For both Ashley and Jared, it was definitely worth the wait.”