On Valentine's Day earlier in February, Katy Perry and Orlando Bloom got engaged to be married. The day after that, Perry took to Instagram to announce their engagement to the public. She also gave the public a look at her engagement ring, and experts say the ring could be among the most expensive celebrity engagement rings ever.
No one knows for sure how much Bloom paid for the ring, which appears to be a large ruby surrounded by eight diamonds. But one estimate came from Diamond Pro CEO Michael Fried, who told Money magazine that the ring cost at least $250,000:
"Not only is the ruby stunning, but they did an amazing job incorporating larger diamonds in the floral pattern halo."
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But Fried's estimate is on very low end of the spectrum. WP Diamonds president Andrew Brown says it's likely to be worth some 20 times that much at $5 million. As he put it to E! News:
"Katy's unbelievable engagement ring from Orlando Bloom would retail in the range of $5 million…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."
Compared to what the average consumer pays for an engagement ring – less than $2,000 – the ring is outrageously expensive, but it fits right in among the current trends for celebrity engagement rings in recent years. If it did indeed cost as much as $5 million, it would be the same price paid for Beyoncé's 24-carat engagement ring, which is currently ranked as the third most expensive celebrity engagement ring of all time. The only celebrities to surpass that margin? Elizabeth Taylor, who received a 33.19-carat ring worth $8.8 million, and Mariah Carey, who comes in at number one with a 35-carat ring valued at $10 million.