All the details on Princess Beatrice's stunning engagement ring

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Princess Beatrice is engaged!

On Thursday, the royal family announced that Queen Elizabeth's granddaughter, 31, is set to wed millionaire Edoardo Mapelli Mozzi after becoming engaged in Italy earlier this month.

"We are extremely happy to be able to share the news of our recent engagement. We are both so excited to be embarking on this life adventure together and can’t wait to be married," the couple said in a statement released by the palace.

The announcement included a handful of engagement photos, three of which were taken by Princess Beatrice's sister, Princess Eugenie. An up-close photo of Beatrice's ring shows off the piece's timeless detailing.

It seems that the 34-year-old groom-to-be spared no expense on the royal's ring, which ring experts estimate to be a 3.5-carat diamond worth approximately $75,000 to $100,000. Jewelry designer Shaun Leane is behind the ring and worked with Edoardo on the piece.

"Princess Beatrice’s timelessly elegant engagement ring appears to feature an estimated 3.5 carat round brilliant diamond set on a white gold or platinum band adorned with diamond baguettes," explained Brilliant Earth's Kathryn Money to AOL Lifestyle.

Despite the ring's classic aesthetics, Money asserts that more and more customers, including the royals and Hollywood A-listers are opting for the trend.

"Fancy cut (non-round) diamonds have been increasing in popularity, both when used as a center diamond and as accent diamonds," she continued. "In particular, baguette accents are having a moment with celebs such as J. Lo and Lindsey Vonn recently opting for this look."

For more royal engagement rings, scroll through below: