The couple announced their engagement with matching social media posts on July 11
Brooklyn Beckham Nicola Peltz engagement

Brooklyn Beckham chose a classic and timeless engagement ring before proposing to girlfriend Nicola Peltz.

WP Diamonds' president and diamond expert, Andrew Brown, tells PEOPLE that the gorgeous engagement ring that Peltz showed off in the couple's engagement announcement photo appears to be a "5-carat emerald-cut diamond on a simple, thin band."

Based on the approximate size and cut of the stone, Brown estimates that Peltz's ring could be valued at anywhere between 100,000 to 120,000 GBP (about $126,126 to $151,351).

Right now, Brown says one of the biggest engagement ring trends is "couples wanting to put their own style on their rings, like adding side stones to what would normally be a solitaire setting.” And despite the coronavirus (COVID-19) pandemic, proposals haven't been slowing down. "We’ve fortunately have been busy, even during COVID-19. We especially have seen a big uptick in engagement rings since early June, as couples still want to celebrate life and love," Brown tells PEOPLE.

A few days after announcing their exciting engagement news with the world, Beckham posted a romantic photo kissing his new fiancé on his Instagram Story along with a sweet message. "You make me the happiest man in the world x I'm so excited and lucky I get to spend the rest of my life with you ❤️❤️❤️," he said.

brooklyn beckham nicola peltz
Credit: Brooklyn Beckham/Instagram

Peltz reposted his message on her own Instagram Story and added the caption, "my beautiful b 😭❤️😭."

Beckham, 21, and Peltz , 25, confirmed their engagement in a pair of matching social media posts on Saturday hours after reports about their engagement first began circulating online.

Two weeks ago I asked my soulmate to marry me and she said yes,” Beckham wrote alongside a romantic engagement snap of the pair — which also showed off the Transformers: Age of Extinction actress’ stunning diamond ring.

“I am the luckiest man in the world,” the eldest child of David and Victoria Beckham added. “I promise to be the best husband and the best daddy one day ❤️ I love you baby xx.”

In her own announcement post, Peltz said: "You’ve made me the luckiest girl in the world. I can’t wait to spend the rest of my life by your side. your love is the most precious gift. I love you so so much baby."

Beckham's mom Victoria shared her excitement for her son and future daughter-in-law on Instagram too. “The MOST exciting news!!” she wrote alongside the photo. “We could not be happier that @brooklynbeckham and @nicolaannepeltz are getting married! Wishing you so much love and a lifetime of happiness 🙏🏻We all love you both so much x @davidbeckham @romeobeckham @cruzbeckham #HarperSeven 💕.”

Brooklyn Beckham
Brooklyn Beckham and Nicola Peltz
| Credit: Swan Gallet/WWD/Shutterstock

The couple first went public with their relationship in January 2020 when Beckham wished Peltz a happy 25th birthday on Instagram. Before his relationship with Peltz, Beckham dated model Hana Cross in 2018 until the pair broke things off in September 2019. He also had an on-and-off relationship with actress Chloë Grace Moretz from 2014 until 2018.