July 09, 2018 04:10 PM

Justin Bieber brought some serious bling with him to the Bahamas. The singer proposed to Hailey Baldwin after only a few weeks of dating (but close to a decade of friendship) during a special island engagement moon, and the model is now wearing not one but two rings on her left hand.

In photos circulating social media, Baldwin is seen wearing a huge oval diamond engagement ring set on what looks to be a rose gold pavé diamond band. A second solo wedding-like band is seen on top of the diamond.

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“Justin is of course ahead of the trends, selecting an oval stone for Hailey’s ring, which has been somewhat rare over the past decade but is making a huge resurgence,” Andrew Brown, President of WP Diamonds tells PEOPLE. “Hailey’s oval stone is about six carats, F-G color grade and VS clarity, making it one of the better diamonds out there. Set in an elegant rose gold pavé band, the retail on this stone would be around $400,000.”

And while Baldwin is wearing what looks like a wedding band, a source tells PEOPLE this trip was all about an engagement.

“Justin picked out the ring before they flew to the Bahamas,” a source close to the Canadian superstar, 24, told PEOPLE exclusively. “He took Hailey on a special trip to propose. She didn’t know.”

Bieber was “nervous but excited,” ahead of the proposal, adds the source. “He is super happy that she said, ‘Yes.'”

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The large oval diamond looks very similar to Blake Lively’s engagement ring from Ryan Reynolds, designed by Lorraine Schwartz. Baldwin, 21, often turns to the Schwartz with help accessorizing her red carpet looks, but a rep for the brand confirmed to PEOPLE that the jeweler is not behind the ring.

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On Sunday, PEOPLE confirmed that the Drop the Mic co-host and the singer are engaged.

“It’s kind of a surprise, but kind of not. Justin has been extremely happy these past few weeks,” an insider said of Bieber’s proposal. “He has known Hailey for a long time. This might seem sudden, but they know each other very well.”

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