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Elle Macpherson, Ring

KP PICTURES / Splash News

Diamonds are a girl's best friend. Just ask Elle Macpherson!

The 48-year-old model showed off her gigantic ring (on that finger!) at a charity event in London Tuesday night.

Although the former Fashion Star host has yet to publicly confirm any recent changes in her relationship status, sources told Access Hollywood and Us Weekly earlier this month that "The Body" is engaged to her billionaire beau, Jeffrey Soffer.

Elle was previously married to photographer Gilles Bensimon from 1986 to 1989 and has two sons—Flynn, 15, and Cy, 10—from a previous relationship with London financier Arpad Busson. Arpad also has an 8-month-old daughter, Luna, with partner Uma Thurman.

Well, even if Elle isn't on her way to becoming Mrs. Soffer, she's still got one hell of a sparkler.