Gorgeous! Princess Beatrice‘s dazzling engagement ring from her new finacé, Edoardo Mapelli Mozzi, is absolutely stunning — and comes with a hefty price tag. Would you expect anything less from a multimillionaire property tycoon getting down on one knee?

The sparkler — which was custom-made by British jeweler Shaun Leane — has an “estimated cost is $30,000 to $50,000,” Alicia Davis, Shane Co.’s VP of Merchandise, exclusively told Life & Style. The gorgeous royal, 31, could probably get the biggest rock she wanted, but the couple kept the diamond size around a few carats … which is still extremely impressive. “The brilliant round diamond looks to be about 2.5 carats set in a 6-prong platinum setting flanked by two smaller round diamonds and a baguette on either side,” Alicia explained.

Princess Beatrice announces her engagement to Edoardo Mapelli Mozzi, UK - 26 Sep 2019
Princess Eugenie/Shutterstock

The expert noted that the ring shape and composition are a perfect blend of today’s style and timeless elegance. “This three-stone style ring is a beautiful pairing of classic and on-trend styles. The timeless round diamond and regal, stylish baguettes give the ring a look that could fit any bride, whether she is vintage, trendy, or traditional,” Alicia added.

Princess Beatrice Engagement Ring Close Up Photo
Princess Eugenie/Shutterstock

Shaun released a statement on Instagram about the experience of creating the ring for the couple and the inspiration behind the design. “The bespoke experience was a beautiful journey; from imagining the design with Edoardo to the crafting of the finished rings. Being able to incorporate both Edoardo and Princess Beatrice’s characters into the design has resulted in a unique ring that represents their love and lives entwining,” the jewelry designer dished.

Although the duo got engaged earlier this month in Italy, Prince Andrew and Sarah Ferguson officially announced the news on Instagram on September 26 and confirmed that the wedding will be happening in 2020. “We are extremely happy to be able to share the news of our recent engagement,” Beatrice and Mapelli Mozzi, 34, said in a statement. “We are both so excited to be embarking on this life adventure together and can’t wait to be married. We share so many similar interests and values and we know this will stand us in great stead for the years ahead, full of love and happiness.” They were first romantically linked back in November 2018 and seem so excited for the next chapter.

Congrats, Beatrice and Mapelli Mozzi!