While there's no official word on how big the ring is or how much it cost, Benjamin Khordipour, the head gemologist and antique jewelry specialist at Estate Diamond Jewelry in New York City, which features a rare collection of museum-grade jewelry, gives his estimate toCNBC Make It based on the Instagram photo.
"The engagement ring that Alex Rodriguez gave to Jennifer features a high-quality emerald cut that weighs approximately 18 carats. Based on the photos, this diamond also appears to be collection grade quality as well," Khordipour says, which is the highest diamond. "We evaluate her ring to be at least $1.8 million."
A top jewelry manager at celebrity jeweler Jacob & Co. tells CNBC Make It that he pegs the ring as having an approximately 15-carat, emerald-cut, colorless diamond of the highest quality, and that its cost would start at $1 million and higher.
Rodriguez certainly has the means to afford an extravagant rock; in 2017, Forbes named Rodriguez as one of the highest-paid athletes of all time, with career earnings of $575 million. Since retiring from the New York Yankees as a player, he has raked in millions more from his role as adviser to the team owner and as an entrepreneur. Meanwhile, Lopez earned $47 million in 2018, according to Forbes.
Of course, this isn't pop star Lopez's first engagement ring.
Lopez received an 8.5-carat blue diamond ring designed by Harry Winston (below) from singer Marc Anthony, to whom she was married from 2004 to 2014. Khordipour tells CNBC Make It that, based on photos, the center diamond of the ring is extremely rare, and by today's evaluation, he estimates it to be worth $4.8 million.