While Hailey Bieber only announced her pregnancy on May 9, husband Justin Bieber already has a push present picked out. “He loves Hailey so much,” an insider exclusively tells Life & Style. “Justin’s spending $700,000 on a huge, high-quality Lorraine Schwartz diamond ring for her. She doesn’t know about it yet!” The “Never Say Never” singer, 30, and the model mom-to-be, 27, tied the knot nearly six years ago.

“They’re both over the moon,” adds a second source of the duo’s impending arrival. “This baby is a dream come true, especially for Justin, who’s been yearning to start a family for some time.”