It is official. Prince Harry and "Suits" actress Meghan Markle are engaged, and everyone is in a frenzy over the big news. As the couple are going to marry in the spring, all of the attention is undoubtedly going to be on their preparations – the most important of which at the moment is the ring.

According to The Hollywood Reporter, Prince Harry designed the ring himself. The ring features three diamonds, the center stone coming from Botswana, where the couple have spent some time together. The two smaller diamonds come from his mother Princess Diana's personal collection. These three stones were set on a gold band by the Queen's jeweler, Cleave and Company.

The exact value of Markle's engagement ring is unknown as well as the exact price. Looking back at when Prince William proposed to Kate Middleton in 2010, she wore a 12-carat sapphire ring which was surrounded by 14 smaller diamonds that also belonged to the late Princess. The ring has an estimated amount of over 30,000 pounds, but due to its royal connection, it might be worth over $1 million.

Knowing that Markle's ring is also a custom piece that used diamonds from Princess Diana's personal collection, it will most likely be worth the same value as Middleton's engagement ring, if not more.

Hours after the couple's engagement was announced, Markle and Prince Harry posed for photographers as she wore the ring on the grounds of Kensington Palace. Prince Harry shared that he was "thrilled" and said that the details of his proposal to Markle will be revealed later on. When asked if his proposal was romantic, the royal replied "Of course!"

This also marked the first time Markle wore the engagement ring in public. She expressed her happiness with the big news. The couple have plans to give their first interview later in the day.