Update, October 17, 2018.
Lady Gaga confirmed her engagement to Christian Carino while giving a powerful speech at Elle's 25th-Annual Women in Hollywood Celebration. Gaga's rumored engagement ring has been spotted before on various red carpets, but since referring to Carino as "my fiancé" in her speech, it's clear the stunning diamond is, in fact, an engagement ring.
The ring features a silver band with a large, round, pink diamond surrounded by smaller jewels. E! News checked in with Andrew Brown, president of WP Diamonds, to learn more about the striking piece. According to him, the ring is likely a six- or seven-carat pink sapphire with a diamond halo totaling three to four carats. He suggests that it might be a Padparadscha sapphire, which could retail anywhere between $300,000 and $400,000.
Harper's Bazaar also points out that the diamond is quite similar to Kate Middleton's engagement ring that once belonged to Princess Diana. However, Gaga's ring is pink, not blue like Middleton's. Take a closer look at the rock below.