Miley Cyrus’ Cushion Cut Engagement Ring from Maxx Morando Could Be Worth Up to $450K, Experts Say (Exclusive)

Miley Cyrus has some new bling!

On Monday, Dec. 1, the singer, 33, was rocking a new sparkler at the Avatar: Fire and Ash world premiere in Los Angeles, which she attended alongside Maxx Morando. On December 2, a source confirmed to PEOPLE that the two are engaged.

Cyrus’ chunky gold ring perfectly complemented her black strapless Gucci gown. The jewel could be seen as she affectionately placed her hand on 27-year-old Morando’s chest while taking a photo on the red carpet. 

Francesca Simons of Francesca Simons Consulting, a rep for jewelry designer Jacquie Aiche, confirmed to PEOPLE that Aiche made the “bespoke” ring, which features a cushion-cut stone set on a thick, 14-karat yellow gold band.

Blue Nile’s VP of merchandising, Daniela Tarantino, estimates that the ring could be worth up to $450,000. 

“This engagement ring is a chunky gold east-west bezel set ring – a modern and chic trend we are seeing in the bridal industry,” Tarantino said in a press release. “We believe the ring is roughly a 4-5 carat modified cushion that costs around $300,000 to $450,000.”

Reyne Hirsch, brand ambassador for Worthy and a former Antiques Roadshow appraiser, estimates that the retail value could be somewhere between $150,000 and $250,000.

“The ring is stunning with a very modern and minimalist look to it,” Hirsch tells PEOPLE exclusively. “It’s a 4-5 carat, bezel-set, cushion-cut diamond that is set east-to-west. Depending on the color and clarity of the stone, I would suggest a retail value of $150,000-$250,000.”

Kegan Fisher, co-founder of Frank Darling, estimates the ring to be “around $150,000–$250,000 for a higher-quality natural diamond in the 4 to 5 carat range.”

“This ring is definitely on trend with other rings we’re seeing at the moment where people are going heavy on gold,” Fisher tells PEOPLE. “and it’s similar to Dua Lipa’s ring that we saw earlier this year and continuing on the elongated cushion trend that celebs can’t get enough of!” 

Kristy Cullinane, diamond jewelry expert and co-founder of Plum Diamonds, points out that Cyrus’ diamond would vary drastically in price depending on if it is mined or lab-grown.

“The diamond appears to be approximately 4 to 5 carats, and the estimated value of the ring would be $200,000+ for a mined diamond or $15,000 for a lab-grown diamond,” she says.

Cyrus was first spotted wearing the ring around mid-November, according to Deux Moi. 

The three-time Grammy winner and the drummer were first romantically linked in December 2021, when they were photographed getting close backstage during Cyrus’ NBC holiday special, Miley’s New Year’s Eve Party, in Miami.

Months later, in April 2022, they confirmed their romance when they were spotted passionately kissing while out in West Hollywood.

The Disney Channel alum shared the story of how she and Morando first met in a June 2023 cover story interview for British Vogue.

“We got put on a blind date,” Cyrus said at the time.

“Well, it was blind for me and not really for him,” she then clarified. “I thought, ‘The worst that can happen is I leave.’ ”

Last year, Cyrus touched on the couple’s six-year age difference in a November 2024 interview with Harper’s Bazaar. She said their age gap works because they “just don’t take life too seriously,” though she noted that Morando “looks at life really differently than I do.”

Never miss a story — sign up for PEOPLE’s free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories.

“He grew up with a laptop. I had a desktop computer that I shared with my brothers and sisters,” she explained. “Honestly, he’s raised our dog off Reddit. I’m like, ‘Are you sure we’re supposed to be doing this?’ And he’s like, ‘On Reddit it says blah, blah, blah.’ ”

A source told PEOPLE in March 2024 that the two had taken a big step in their relationship and were living together.

“She is very happy with him,” the insider said at the time, adding, “Miley has changed a lot in the past couple of years. She seems more calm and harmonious. Everyone loves Maxx. He’s a great guy. He’s private and doesn’t like being in the press. It’s been good for her.”