Jennifer Lopez Steps Out Wearing Her Massive Engagement Ring After Alex Rodriguez Proposal — See the Pics!

That ring wrapped around the hitmakers left hand is quite beautiful, and Brandon Hill of Chicago’s Steve Quick Jeweler told Us Weekly, “A-Rod went with a very classic emerald-cut diamond which accentuates Jennifer’s fingers with its elongated shape. The diamond looks to be around 15 carats and is colorless with the highest clarity.”

Brandon added, “It’s set in a simple but elegant solitaire mounting which will look beautiful with a wedding band next to it in the future.” As for the price tag, the jeweler said it is “estimated at around $1.4 million.” Well then.

With a ring like that, one can only imagine how lavish the wedding will be, and talkshow host Ellen DeGeneres recently revealed she wants to be there … as part of Jennifer’s wedding party! “Yes. I’ll be your maid of honor,” the comedian, 61, joked in the comments under the engagement announcement photo.

No word yet on a wedding date, but we’re sure the wedding guest list will be massive, and it may include Jennifer’s World of Dance co-judge Derek Hough. The dancer, 33, exclusively told Closer Weekly how ecstatic he is for his pal. “Oh, I’m super excited! We sent them a voice, sort of video, congratulating them,” he said. “And you know, to be really honest with you, I was really excited to be on the show. We’re just super excited to know them. I’m beyond happy for them. I’m just so happy.”

“I’m also so happy for all the kids, too,” Derek added of the pair’s blended brood of four children. “They are a big, loving family. It’s awesome. It’s great.”

The engagement ring is a showstopper in itself, so we can’t wait to see the luxurious extravaganza the couple’s wedding will look like.