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Iggy Azalea, Nick Young, Engagement, Instagram

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That's quite a sparkler!

Los Angeles Lakers player Nick Young proposed to rapper Iggy Azalea on his birthday with a 10.43 carat Jason of Beverly Hills engagement ring valued at $500,000. The bride-to-be's ring features an 8.15-carat fancy intense yellow cushion cut center stone with 2.28 carats of white diamonds set onto 18-karat white gold.

Fancy, indeed!

"Nick was very involved in designing the ring," Jason Arasheben, CEO of Jason of Beverly Hills, tells E! News. "We wanted it to be both a ring of Iggy's dreams and a ring that fit her personal style. It is always an honor when a client trusts me to help design a ring that symbolizes one of the most important decisions of their life."

Azalea loves the look of her ring. In fact, the musician shared three pictures of her new jewelry on Instagram overnight. "Happiest Day #Isaidyes," the "Pretty Girls" rapper, 24, wrote in one photo caption.

Iggy Azalea, Nick Young, Engagement, Instagram

Instagram

Young, 30, proposed to Azalea in front of family and friends.

"It was a beautiful celebration for Nick with only his close friends and family. Nick completely surprised Iggy with the proposal. She was shocked and so excited and emotional at the same time," a source told E! News Monday, adding, "Nick has known for a long time Iggy was the one for him, but he was just waiting on the perfect time to pop the question. They both have gotten very close these past few months and he can't think of anyone else to spend his life with but her."

Young—aka Swaggy P—also shared a post-proposal picture on Instagram, telling his 1.4 million followers, "She said yes. It's over man. I'm getting married!"

The couple, who originally met on Twitter, have been together since late 2013.

Iggy Azalea, Nick Young, Engagement, Instagram

Instagram