Rumors that Lady Gaga and Taylor Kinney were engaged have been swirling around the rumor mill for a long time but the couple kept on denying the issue.

However, Kinney finally made things official last Saturday!

The 'Cheek To Cheek' collaborator announced the good news on Instagram on Monday with a picture of a huge heart-shaped diamond on that very important finger as she held on to her beau's hand.

"He gave me his heart on Valentine's Day, and I said YES!" She captioned the black and white shot of her stunning ring.

Hollywood Life reported that the unique ring could be worth nearly half a million dollars, based on the appraisal of several jewellers.

"This is a very nicely cut heart shaped diamond. It is most likely in the 8+ carat weight," Ritani Vice President of Marketing Mark Keeney reportedly said.

"If the stone is an E color and VS1, it would run close to $500,000." Celeb jeweller Shari Fabrikant of Robert Fabrikant Inc. also told the publication, adding that it is "extremely difficult to get large heart shapes."

According to US Weekly, the couple celebrated their engagement at the "Born This Way" hitmaker's family restaurant, Joanne Trattoria, in Upper Manhattan.

Times Herald-Record executive editor Barry Lewis was one of the first few people who found out that Lady Gaga and Taylor Kinney were already engaged. He witnessed the special announcement while dining at the restaurant.

"I heard the singer say 'It was time' as she flashed the ring around," Lewis told People Magazine.

He added that Gaga's father, Joe Germanotta, opened a bottle of champagne to celebrate the good news.

Lady Gaga and Taylor Kinney being engaged is not a complete surprise. The 'Bad Romance' singer has been gushing about her boyfriend in several interviews.

They started dating a few months after meeting in 2011 while filming for her "You And I" music video. The "Chicago Fire" star was her leading man.

"He is the right guy," she previously told Howard Stern in a radio interview. "How do we know? It's this feeling..."