Katy Perry's engagement ring cost $5M

Katy Perry announced her engagement to Orlando Bloom last night, and shared a photo of her flower-shaped engagement ring with a pink center stone with diamonds surrounding it.

Andrew Brown, President of WP Diamonds, told E! News the ring is estimated to have cost a cool $5 million; "Katy's unbelievable engagement ring from Orlando Bloom would retail in the range of $5 million. What looks to be a 4-carat fancy vivid pink oval shaped diamond arranged with eight white diamonds around it to assemble a flower 'in bloom' - this ring is truly one-of-a-kind and wildly valuable."