"Katy's unbelievable engagement ring from Orlando Bloom would retail in the range of $5 million," Andrew Brown, President, WP Diamonds told E! News.

"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."

US Magazine reports, Kerr’s ring is worth an estimated US$65,000.

The lovebirds both took to Instagram to share the happy news.

“full bloom,” the singer captioned her selfie with Bloom.



It was back in January 2016 when Katy and Orlando were spotted being all flirty at a Golden Globes after party. According to Us Weekly, they danced the night away. "Katy literally dropped to the floor and was waving her booty around, beckoning Orlando," the source revealed.

Since then it has been an on again, off again relationship - and if this latest gossip bomb is true then it could be heading towards their very own fairytale wedding.