Jeff Kravitz/FilmMagic; Insets: Bauer-Griffin (2)

Newlyweds Katy Perry and Russell Brand were all aglow Sunday as they made a very public debut of their seriously sparkly new wedding bands. Fresh off their honeymoon, the duo walked the red carpet at the MTV Europe Music Awards in Madrid, flashing matching yellow micro pave diamond rings in their first appearance since their very private Indian wedding. A spokesperson from the Diamond Information Center estimates the blinged-out bands to be worth roughly $50,000 to $75,000 each. And Katy, dressed in a glittering red Jeremy Scott dress, received yet another wedding present on Sunday night, when she took home the best video award for “California Gurls.” Tell us: What’s your take on Katy & Russell’s matching diamond bands? –Gillian Koenig