Beyonce's $5 Million Engagement Ring

, who secretly married rapperin April, was flashing some major bling on the red carpet for the Conde Nast Media Group’s 2008 Fashion Rocks at Radio City Music Hall in New York City on Friday.

The 18-karat Lorraine Schwartz diamond ring is valued at $5 million dollars, according to the jeweler.

Beyonce, 27, also performed at the event which will air on Tuesday in a two-hour special on CBS. Proceeds will benefit Stand Up To Cancer, a program established by the Entertainment Industry Foundation to raise money for cancer research.

Stand Up To Cancer held a live telethon that aired simultaneously on ABC, NBC and CBS on Friday night.

View photos from Stand Up To Cancer.

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