J.Lo's enormous emerald-cut "rare" engagement ring could be worth up to $5 million, according to leading diamond experts
After Alex Rodriguez proposed to Jennifer Lopez Saturday during the couple’s romantic getaway to the Bahamas, everyone is buzzing about her new bling. Besides predicting who will be in the wedding, which stars will make the guest list and when the pair decides to tie the knot, the world’s dying to know more about Lopez’s enormous engagement ring.
Both Lopez, 49, and Rodriguez, 43, announced the news with a stunning photo of the sparkling ring on the superstar’s finger, giving fans a close-up view of the mega-carat emerald-cut diamond.
Though the couple has not confirmed how many carats and how much the diamond is worth, PEOPLE enlisted the help of the top jewelry experts in the U.S. to get an idea of its value.
Andrew Fox, president of SuperJeweler.com, tells PEOPLE exclusively that the sparkler is “one of the most fabulous celebrity engagement rings I’ve ever seen!”
He adds, “It’s totally overstated.”
Looking for more style content? Click here to subscribe to the PeopleStyle Newsletter for amazing shopping discounts, can’t-live-without beauty products and more
Since Fox’s company has owned a diamond of the same magnitude, he confidently estimates the diamond ranges between 11 and 15 carats and values it between $1 to $1.9 million.
But Ajay Anand, CEO of Rare Carat, believes the ring could be worth even more. “Our team of gemologists and diamond PhD’s estimate the emerald-cut diamond is 20 carats and worth around $4.5 million,” he says. “This estimate is if the stone is D-Flawless [a very rare, colorless gem]. Since it’s A-Rod, it very well could be!”
RELATED PHOTOS: The Most Jaw-Dropping Celebrity Engagement Rings
Shane Co.’s vice president of merchandise Alicia Davis thinks the sparkler could cost upwards of $5 million, since it’s “expected to be exceptional.” She also says it appears to be 15 carats.
“The emerald-cut ring is widely known as the most elegant and classic cut of diamond,” she says. “Jennifer’s is featured on a classic solitaire band which perfectly showcases its timeless, elongated cut.”
Instagram famous jewelry designer, Stephanie Gottlieb, also agreed with the 12 to 15 carat estimate.
“Based on the photo that seems to be the topic of conversation all over the Diamond District (and of course on Instagram), I’d guess the stone is an emerald cut diamond, anywhere from 12 to 15 carats set on a tapered platinum band, and it’s a beauty,” Gottlieb tells PEOPLE. “A natural diamond of that size and quality is incredibly rare, and of course pricey. I’d say $1M is a safe estimate.”
The Diamond Pro CEO Mike Fried agrees, calling the sparkler a “statement ring.”
He adds, “Alex decided to hit this one out of the park. That ring is a true eye-popper. The design of the setting is simplicity at its finest. They succeeded in showcasing the stupendous rock without any distractions.”
Rodriguez surprised Lopez with the jaw-dropping diamond while the couple vacationed together in the Bahamas this past weekend. Benny Medina, Lopez’s long-time manager, also confirms the news, while Rodriguez’s rep Ron Berkowitz tells PEOPLE, “They are on vacation and got engaged today.”
Sources tell PEOPLE that Lopez has been overwhelmed with joy since Rodriguez popped the question.
“Jennifer is ecstatic and so are their families and friends. Very few people knew Alex planned on proposing. It was very much a surprise for Jennifer,” the source says. “It was just how Alex wanted it.”
The news comes nearly seven weeks after the couple celebrated their two-year anniversary on Feb. 3.
A source confirmed to PEOPLE in March 2017 that Lopez and Rodriguez “have been dating for a few weeks.” The former New York Yankee confirmed their relationship status shortly after during an appearance on The View, and the pair — dubbed “J-Rod” — made their red carpet debut as a couple at the Met Gala in May 2017.