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Last night, Jennifer Lopez announced that she’s engaged to Alex Rodriguez with an image of her giant sparkler on Instagram. That initial image is great, but it’s been more than 12 hours since that post, so it’s time for some details.

Andrew Fox, president of SuperJewler.com, told Elle.com that the emerald-cut ring is “one helluva huge diamond.” He guessed that it “is an emerald cut of between 11 carats and 15 carats.” Ira Weissman of Diamond Pro said that the ring could be worth up to $5 million. In any case, several jewelers agreed, it starts at $1 million.

J-Lo is used to extravagant rings like this one. In 2002, Ben Affleck gave her a 6.1-carat pink Harry Winston diamond that was worth $2.5 million and was the talk of Hollywood engagement rings for some time.

This engagement wasn’t exactly a shock. When Lopez went on Ellen in mid-February, she hinted that she might be getting a ring sooner than later. In true Ellen fashion, the talk-show host brought out a cheesy gift for the singer: a clock featuring a photo of J-Lo and A-Rod kissing “to remind him that time is ticking and he should hurry up and propose.” Lopez was all about it and exclaimed, “I’m gonna give this to him for Valentine’s Day: your time’s almost up!”

“Yes. I’ll be your maid of honor,” DeGeneres wrote in the comments on J-Lo’s Instagram post. Something says there will be more gigantic clocks in these lovebirds’ future.

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