All the Details on Katy Perry's $5 Million Engagement Ring From Orlando Bloom

Katy Perry and Orlando Bloom are one step closer to tying the knot!

The 34-year-old singer and her 42-year-old actor beau got engaged on Valentine's Day. After Perry accepted the proposal, the couple shared the exciting relationship news with their fans on social media.

"full bloom," Perry captioned a selfie with her fiancé, which also showed off her stunning engagement ring. The flower-shaped sparkler appears to have a pink center stone with diamonds surrounding it, along with a gold band.

"Lifetimes," Bloom wrote alongside the same photo of the couple, who posed for the social media snap in front of red heart-shaped balloons.

"Katy's unbelievable engagement ring from Orlando Bloom would retail in the range of $5 million," Andrew Brown, President, WP Diamonds tells E! News. "What looks to be a 4-carat fancy vivid pink oval shaped diamond arranged with eight white diamonds around it to assemble a flower 'in bloom' - this ring is truly one-of-a-kind and wildly valuable."

The "Firework" singer's mom, Mary, also confirmed the engagement news on her Facebook page.

"Look who got engaged last night," she wrote alongside photos of the future Mr. and Mrs. Bloom.

This relationship update comes over three years after Perry and Bloom first sparked romance rumors. Speculation about the duo went into overdrive when they were spotted getting flirty at a 2016 Golden Globes after-party. Two months later, Perry and Bloom had become an "official couple," with a source telling E! News, "Katy likes how down to earth Orlando is."

Though the pair split up in March 2017, they reunited that summer and have been enjoying romantic vacations and sweet celebrations together ever since.

Congratulations to the couple on the exciting engagement news!