Iggy Azalea Steps Out With $500K Engagement Ring, Britney Spears & Demi Lovato Send Congrats

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It's becoming increasingly hard not to notice (and envy) Iggy Azalea's new bling.

The 24-year-old rapper said yes to her longtime boyfriend, Los Angeles Lakers player Nick Young, when he proposed at his 30th birthday party on Monday. A couple days later, she was spotted in Santa Monica, Calif. with the gigantic engagement ring that made her entire ensemble shine.

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The custom-made ring is more than a beautiful fashion statement and a symbol of love. It's valued at $500,000 and was designed in part by Young. It 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.

"Neon Lights" singer Demi Lovato saw the bling up close and personal, posting a pic with Azalea at the birthday party.

"Couldn't be happier for this woman," she captioned the snap. "Still can't believe I got to witness that last night..So happy for you both…Love you so much lady."

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While Azalea's "Pretty Girls" partner-in-crime Britney Spears was not there to see the proposal, she congratulated the couple on Wednesday and wished them love and happiness.

WATCH: Why Iggy Azalea Canceled Her Great Escape Tour 

We can only hope to see Lovato and Spears as her bridesmaids!

Check out the video below to see some of the most anticipated celebrity weddings.

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