Iggy Azalea Is Engaged to Nick Young: See the Huge $500K Ring!

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Wedding bells are in Iggy Azalea’s future!

The 24-year-old Australian rapper is engaged to her boyfriend, Los Angeles Lakers player Nick Young, who proposed at his 30th birthday party on Monday with a gigantic, 10.43 carat Jason of Beverly Hills ring valued at $500,000. The couple, who posed together for a Forever 21 campaign last year, have been dating since October 2013.

Stylist and The Real host Jeannie Mai posted an Instagram revealing the happy news, with the caption, “BEST NIGHT EVER for @thenewclassic & @swaggyp1. Congratulations- praying #HappilyEverAfter over you both ?? #HeProposed!!!”

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Video of the magical moment also surfaced shortly thereafter.

Late Monday evening, Nick posted an Instagram of him and Iggy in a midnight kiss. "She said yes. It's over man. I'm getting married!" he captioned the intimate moment.

The custom-made ring, designed in part by Nick, has a 8.15 carat Fancy Intense Yellow cushion cut center stone with 2.28 carats
of white diamonds set onto 18 karat white gold.

"Nick was very involved in designing the ring. We wanted it to be both a
ring of Iggy's dreams and a ring that fit her personal style. It is always an
honor when a client trusts me to help design a ring that symbolizes one of the
most important decisions of their life," said Jason Arasheben, CEO of
Jason of Beverly Hills. 

On Sunday Nick told People that “of course” marriage is in the near future. “But I can’t give you that surprise. You’re gonna ruin that surprise," he said.

Iggy’s engagement comes just days after she officially canceled her Great Escape tour, which was scheduled to kick off Sept. 18 in San Diego and had already been delayed once, when she pushed back tour dates in March. The rapper initially rescheduled the dates due to “production delays.”

has reached out to Iggy’s rep for comment.

Recently Iggy Azalea and Britney Spears teamed up for an '80s-inspired music video for their summer song, "Pretty Girls." Check out the shoot below!