"Love don't cost a thing," according to Jennifer Lopez, but the enormous diamond ring Alex Rodriguez proposed to her with over the weekend is worth a whole lot.
On Saturday, Lopez posted on Instagram a shot of the massive, emerald-cut sparkler, as the power couple were vacationing in the Bahamas.
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 to CNBC 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.
Lopez was also engaged to Ben Affleck, who popped the question with a 6.1 carat pink diamond designed by Harry Winston in 2002. After the couple called off their engagement, People reported that Affleck had paid $1.2 million for the ring. Based on photos, Khordipour estimates the rare fancy pink, radiant-cut ring to be worth $2.7 million.
In 2001, Lopez married dancer Cris Judd. That engagement ring, Khordipour says, was an elongated emerald-cut diamond ring, set in platinum, adorned with diamonds along the shoulder and a center diamond of around 5 carats. Based on photos, he says it appears to be collection-grade (based on its color and clarity), and estimates the ring as costing approximately $400,000. The couple split in 2003.
Back in 1997, Lopez got her first engagement ring from Ojani Noa, and their subsequent marriage lasted a year. Khordipour of Estate Diamond Jewlery tells CNBC Make It that the center diamond on Noa's ring for Lopez appears to be 4 carats, and estimates its cost to be $170,000, based on pictures.
The value of a diamond ring is based on its rarity, which is determined by its cut, color, clarity and carat weight, the experts point out.
Representatives for Jennifer Lopez, Alex Rodriguez and Harry Winston did not immediately respond to CNBC Make It's request for comment.
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