See Mariah Carey's Massively Gorgeous 35-Carat Engagement Ring From James Packer

It's no secret Mariah Carey likes the finer things in life.

So, it's only fitting that the 45-year-old singer's new stunning 35-carat diamond and platinum engagement ring from her billionaire fiance, James Packer, is the absolute best of the best.

The massive engagement ring is designed by New York-based jewelry designer Wilfredo Rosado, ET can confirm, and we also have pics of what the incredible bling looks like.

PHOTOS: Size Does Matter! The Biggest and Best Celebrity Engagement Rings

To put in perspective just how massive Carey's 35-carat engagement ring is, Kim Kardashian's much talked-about Lorraine Schwartz cushion-cut diamond ring from husband Kanye West is 15 carats -- less than half of what Carey's is. Carey also beat out Beyonce's 18-carat Lorraine Schwartz diamond ring from husband Jay Z, valued at over $5 million, as well as Kate Middleton's 18-carat heirloom ring from Prince William.

WATCH: Blinged-Out Celeb Engagement Rings by the Numbers

Rosado, a close friend of Carey's, tells Vogue that the gorgeous ring is "the most challenging piece of jewelry [he's] ever designed."

"I took the standards super high, and I wanted to create a ring that could not be measured up to," Rosado says. "I wanted to create the most gorgeous ring for my dear friend, but I also wanted to create the most stunning ring for one of the most iconic divas of our generation."

The design and construction of Carey's ring took two weeks, with those involved working 12-hour days. An "army of craftsmen," including measurement specialists and a diamond expert, were needed to create the one-of-a-kind piece.

"She obviously has a strong point of view about what she likes," Rosado says of the "Heartbreaker" singer. “We have the same taste, and when it came down to it, I really wanted to create something for her that was about new beginnings. I wanted to give her something super sophisticated and something that took away all of the embellishments that a lot of people use when they design engagement rings these days.

"But it is epic," he stresses. "It's an epic ring for an epic time in her life."

As for Packer's involvement in the design, Rosado says he consulted with the groom-to-be three times during the entire process. The designer also reveals Packer's romantic side, sharing that he left a small empty space on the backside of the band because the businessman wanted to eventually engrave a special sentiment to Carey.

"He wanted to create something very rare and very beautiful around this diamond he chose, and I followed his lead," Rosado says.

WATCH: Mariah Carey Is Engaged to Billionaire James Packer

Packer, 48, proposed to Carey on Thursday night in New York City, ET can confirm. The two have been dating since last summer.

The upcoming nuptials will mark the third marriage for both. Carey was first married to music executive Tommy Mottola, and later tied the knot with actor Nick Cannon, with whom she shares 4-year-old twins, Monroe and Moroccan. Meanwhile, Packer has been married twice before as well -- first to model Jodhi Meares, then to model and singer Erica Baxter, with whom he has three children.

Mariah Carey Is Engaged to Billionaire James Packer

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