Shining bright like a diamond! Jane Fonda pulled all out the style stops on Sunday, January 27 at the 2019 SAG Awards in Los Angeles. The Grace and Frankie star graced the red carpet wearing a jaw-dropping red, sequined gown designed by Valentino that featured fish-scale detail and long sleeves.

It wasn’t just Jane’s dress that majorly turned heads at the event though. The 81-year-old actress also donned a ginormous Gismondi 1754 20-carat teardrop-shaped diamond ring that’s reportedly worth more than $3 million. Wow! As if that epic piece of jewelry wasn’t enough, Jane paired her red-hot look with chandelier earrings — allegedly worth $396,000 — by the same designer that featured 40 carats of diamonds. Take a look at Jane’s $3 million red carpet ring in the photo below!

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Perhaps the Hollywood icon wanted to make a statement (and she sure did!) for the 25th annual awards show considering this was the first time she’s walked the SAGs red carpet in over 20 years. Jane last attended the awards show in 1998 alongside her ex-husband, Ted Turner, according to InStyle.

For her red carpet comeback this year, Jane strutted her stuff alongside her Grace and Frankie costar and close friend, Lily Tomlin. The 79-year-old looked just as dazzling as Jane as she donned a black sequined blazer paired with a silk skirt at the special event.

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Though both women were nominated for the Outstanding Performance by a Female Actor in a Comedy Series award, they were, unfortunately, beaten out by Rachel Brosnahan for her performance in The Marvelous Mrs. Maisel.

Even though the two women went home empty-handed, Jane and Lily still have their amazing friendship. While recently guest-appearing together on The Ellen DeGeneres Show on January 15, Ellen DeGeneres played a game with the two stars called “Jane and Lily [Don’t Give A F–k]” and the premise of the game was for the host, 60, to ask the BFFs a series of funny questions. At one point, Ellen asked, “Describe each other in one word.” Immediately, Lily shouted, “adorable!” while Jane yelled, “Genius!” The crowd erupted in “Awwws” as the two ladies gushed about each other — so cute!