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Mariah Carey

Scott Barbour/Getty Images

Seeing Mariah Carey dripping in diamonds is NBD, but on Wednesday morning, the singer arrived in Melbourne with James Packer wearing a suspicious sparkler that drew a lot of extra attention from the Australian media.

The Sydney Morning Herald posted posted local footage of the singer and her billionaire holding hands ahead of Mariah's sold-out New Year's Eve party at Crown Casino's Crowd Palladium. It's clear from the footage that Mariah is wearing a shiny ring on that finger, but it's tough to tell whether this is her trademark butterfly bling or something else entirely (read: An engagement ring!)

By the time Mimi took the stage to perform at Crown Casino's New Year's Eve Party at Crown Palladium, she was back in (or still in, depending on what you took away from that grainy footage) her butterfly ring. This particular sparkler is impressive and undoubtedly expensive, yes, but it's not indicative of an "I do" in the future.

That said, Mariah and James are clearly head over heels for one another.  And even though the pair have only been dating a little over six months, a source told E! News earlier this year that Mariah moved in with James and "they have been speaking about marriage as well."

"They are very much in love," said the insider, adding that "things couldn't be better" between the pair. Another source added, "They get along amazingly and their communication is always fluid and easy."

Guess we'll have to wait and see what happens, dahlings!