The "Nashville" star finally confirmed, after months of speculation, she was indeed engaged to her boxer sweetie Wladimir Klitschko while visiting "Live With Kelly and Michael" Wednesday.
While Panettier, 24, declined to say much about the ring, other than "it speaks for itself," gem expert Chris Capri was impressed with the sparkler.
"The diamond is emerald cut, which automatically requires a very high clarity grade," Capri said. "The ring looks to be rose gold with a split shank setting."
He wasn't able to identify the brand, but Capri estimated the diamond was around 6 carats, and the whole thing was likely worth around $500,000.
Panettiere and Klitschko, 37, dated from 2009 to March 2011, when they split up, but got back together last spring. The pair has not set a date, citing Panettiere's busy schedule.