Selena Gomez’s dazzling engagement ring has set hearts racing and jaws dropping, with its value now revealed to be a staggering £800,000 ($1 million).

The 32-year-old singer and actress took fans by surprise on Wednesday night, announcing her engagement to music producer Benny Blanco after a year and a half of dating. 

Selena shared the exciting news with her 422 million Instagram followers, posting a series of photos that showcased her massive diamond ring alongside the heartfelt caption: “Forever begins now…”

The show-stopping piece, featuring an 8-carat marquise-cut diamond set on a yellow gold pavé band, has been described as both “exquisite and timeless.” 

Laura Taylor, a specialist jeweller from Lorel Diamonds, told MailOnline: “Benny’s choice of engagement ring for Selena perfectly complements her style. 

The marquise-cut diamond is truly incredible and makes for a striking yet elegant design.”

The cut, known for its elongated and pointed shape, traces back to the 18th century when King Louis XV of France commissioned a diamond design inspired by the smile of his mistress, the Marquise de Pompadour.

The diamond is set on a yellow gold pavé band encrusted with smaller diamonds for extra sparkle. 

“The pavé band adds a layer of luxury, complementing the central diamond’s brilliance while maintaining an air of sophistication,” Taylor added. 

She estimated the ring to feature a top-tier VVS1 clarity diamond with D-F color grading, cementing its elite status.