Ariana Grande's engagement ring cost a pretty penny!

The 24-year-old singer may have only been dating Pete Davidson for a few weeks before the Saturday Night Live star decided to pop the question, but it seems that was enough time for him to invest nearly $100,000 into their relationship.

A source close to the couple tells ET that Davidson spent $93,000 on the sparkler, which was commissioned by New York City jeweler Greg Yuna (aka Mr. Flawless). The ring is a custom design, featuring a VVS1 clarity 3.03 carat diamond set in platinum, the source says, adding that it took the jeweler two weeks to complete the ring.

ET learned that Grande and Davidson were engaged on Monday, with Grande tweeting shortly after the news broke, "i love u."

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Meanwhile, a separate source told ET on Tuesday that the couple's friends aren't surprised by the engagement, but some are a bit concerned. Both Grande and Davidson entered this new romance just after ending others. Davidson recently split from Cazzie David, and Grande broke up with Mac Miller.

"Ariana gets so excited about an idea and so set on making it happen that she doesn't always think it through," the source said. "We of course want her to be happy, but this was a very quick lifetime decision. It's a little worrisome and we fear it was so spontaneous it might not last. One thing is for sure, Peter does look very much in love, and while they are young, they are certainly old enough to make this decision on their own."

According to the source, however, it's clear the two are "head over heels" for one another.

"Ariana and Pete have so much in common it doesn't surprise all their friends," the source shared. "They've both been through so much and are able to share openly what they have faced and support each other with understanding. Ariana and Pete are both passionate and impulsive and fell head over heels for each other. They didn't hesitate to share their love and their commitment for one another with their friends and with fans on social media."

"Pete is an old soul and always has known what he wants, so some friends aren't at all surprised this happened so fast," the source added.

See more in the video below.

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