• Max Ehrich popped the question to Demi Lovato with a three-stone engagement ring in a beachside proposal on Wednesday
  • Experts predict the ring may have cost as much as $1 million 
  • One jewelry expert said three-stone engagement rings "represent the past, present and future of a relationship"

Demi Lovato received a stunning engagement ring when now-fiancé Max Ehrich popped the question in a romantic beachside proposal on Wednesday. Now, several experts have weighed in on the singer's sparkler, which is estimated to have cost around $1 million.

When Lovato announced that she said yes to Ehrich on Instagram, the former Disney Channel child star also gave fans a peek at her gorgeous engagement ring.

“I’m honored to accept your hand in marriage. I love you more than a caption could express but I’m ecstatic to start a family and life with you. I love you forever my baby. My partner,” Lovato wrote.

In the close-up shot of her left hand, Lovato sports an emerald-cut diamond ring. The center stone, which is surrounded by trapezoid accent gems, is estimated to be between 7 and 10 carats, Platinum Guild International USA president Jenny Luker told E! News. The expert also gave an estimate of how much the sparkler may have cost.

“Since the diamonds appear to be set in platinum, they sparkle even brighter! I would estimate a ring like this costs approximately $500,000,” Luker said.

Like Luker, Brilliant Earth’s Kathryn Money said she believes the big diamond at the center should be around 8 to 10 carats. And with the surrounding stones, Lovato’s engagement ring could be a total of 9.5 to 11.5 carats. As for the price, she put it at around $850,000.

WP Diamonds CEO Andrew Brown also thinks that the huge diamond in the middle is at least 10 carats and is flanked by “two-plus carat trapezoids on each side, in a Harry Winston style mounting, featuring a double claw on the prongs.”

He estimated the price to be nearly a million dollars. Brown said that it could be worth more — if Ehrich did choose a Harry Winston engagement ring for Lovato, then the sparkler could be “closer to $2.5 to $3 million.”’s Shannon Delany-Ron said she believes that the center stone may be 7 carats and that Lovato’s engagement ring retails for $250,000 to $300,000. And while the singer and Ehrich have yet to reveal the reason for the design, the expert has an idea of what it could symbolize.

“Three stone rings like Demi's hold a symbolic meaning and represent the past, present and future of a relationship,” she told E! News.

Aside from Lovato, Duchess of Sussex Meghan Markle also famously received a three-stone engagement ring from Prince Harry. Other celebrities and personalities who have also sported emerald-cut diamonds are Beyoncé, Amal Clooney and Jennifer Lopez.

Singer Demi Lovato attends the 2015 MTV Video Music Awards at Microsoft Theater in Los Angeles, Aug. 30, 2015. Getty Images/ Jason Merritt