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Meghan Markle’s Engagement Ring Is Worth an Estimated $60,000 — Lower Than What Fans Might’ve Expected (EXCLUSIVE)

What a gem…or gems, rather! Prince Harry and Meghan Markle announced their engagement on Monday, Nov. 27, one month after Life & Style exclusively revealed that the handsome royal, 33, quietly proposed to the Suits alum, 36. When the adorable duo posed for a photo call celebrating their exciting announcement, all eyes were on the stunning sparkler Harry had gifted his bride-to-be.

In an exclusive interview with Life & Style, celebrity jeweler George Khalife, aka “George the Jeweler,” estimated the worth of Meghan’s beautiful bauble and revealed why he thinks the ring is so meaningful — even if it isn’t as pricey as Kate Middleton‘s engagement ring from Prince William, which is reportedly worth $250,000.

meghan markle getty images

(Photo Credit: Getty Images)

“I would estimate Meghan’s ring to be roughly a 2.5 to 3-carat cushion cut diamond. Cushions are cut deep, so they appear even smaller than what they really are,” George said. “I would say the ring is valued at roughly $60,000, with the two side stones having belonged to Princess Diana, and the main stone coming from Botswana, a country close to Prince Harry’s heart.”

Indeed, Harry reportedly designed the ring himself with Cleave and Company, court jewelers and medallists to his grandmother, Queen Elizabeth II. “He and Meghan visited Africa this past summer, which included a visit to Botswana,” George added, “which makes the ring all the more special.”

meghan markle getty images

(Photo Credit: Getty Images)

The bling expert went on to say that Harry’s personal touches are what set Meghan’s gorgeous, three-stone ring apart from other celebrity engagement rings. “The cushion cut choice is different from the usual round or princess cut diamond. She clearly wanted a modest, elegant setting, and it suits her. She didn’t need the 8-carat stone like Kim [Kardashian] or Cardi B,” George told Life & Style.

But Josh Marion, the vice president of jeweler Ritani, said he would insure the hardware for at least $250,000. “This stunning ring is truly one-of-a-kind… the diamonds from Princess Diana’s collection could render this ring absolutely priceless,” he told Life & Style.

Though Meghan and Harry — who began dating last year and plan to tie the knot in May — have kept their relationship relatively private, the actress explained to Vanity Fair in September why she believes they’re a perfect match. “I can tell you that at the end of the day I think it’s really simple. We’re two people who are really happy and in love,” Meghan told the magazine. “We were very quietly dating for about six months before it became news, and I was working during that whole time, and the only thing that changed was people’s perception. Nothing about me changed. I’m still the same person that I am, and I’ve never defined myself by my relationship.”

Click through the gallery below to see more pics from Harry and Meghan’s debut as an engaged couple!