Mariah Carey and Australian businessman James Packer are engaged to be married.

Mariah Carey, James Packer Engaged

Packer, 48, proposed to Carey, 45, in New York City, the singer’s hometown, Thursday night, reported the Daily Mail. Not long after the proposal, Carey was spotted on her way to their engagement party at Eleven Madison Park with the massive 35-carat ring on her finger.

“The stone appears to be an Emerald cut and if it is a D Flawless (the highest color grading and without flaws) it will be in the region of $5m just for the stone at cost price,” British fine jeweler David Marshall told the Daily Mail. “I would say that the retail value of the ring could be in the region of $7.5m.”

Carey and Packer have yet to set a date for their wedding.

The two have been friends since 2014, when they met at a movie premiere in Aspen. It wasn’t long before Carey and Packer embarked on a whirlwind romance that brought them all around the world.

“We were talking and laughing and people were getting mad at us and stuff like that,” Carey told Steve Harvey of their meet-cute on his talk show. “So, we hit it off.”

“As soon as their friendship turned romantic, they have wanted to spend every moment together,” a source told E! News. “They have a connection that is unparalleled; it’s been a very beautiful experience for them both. If you spend even five minutes with them, you can’t help but believe in true love.”

The marriage will be the third for both Carey and Packer. Carey was first married to music executive Tommy Mottola. She was more recently married for seven years to Nick Cannon, with whom she has 4-year-old twins Morocco and Monroe. Packer has three children with his second wife Erica Packer Indigo Packer, 7, Jackson Packer, 5 and Emmanuelle Packer, 3. He was previously married to Jodhi Meares.

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