And even though Emma looked gorgeous in a figure-flattering black Lanvin number, our eyes went straight to her ring finger.
The American Horror Story: Coven actress, 22, debuted her gorgeous, round-cut diamond engagement ring during last night's award show.
Yes, her Neil Lane statement earrings looked fabulous, but it's the ring we really care about!
The couple is staying quiet about the engagement, and no official details about the ring have come out yet, but we asked Zaven Ghanimian, marketing director of Simon G. Jewelry to give E! News his expert opinion on Emma's engagement ring.
"It looks like a 2-3 carat round diamond," says Zaven. "The color, cut and clarity is undeterminable with the photo. But it looks like a yellow or rose gold ring."
So how much would a ring like this set back Evan Peters? According to Zaven, "The price would range between $37,000-$50,000."
—Additional reporting by Ruth O'Neill