Even before the couple decided to tie the knot, predictions were suggesting that Prince Harry might propose with the Queen's massive pearl and diamond ring or the Queen Mother's engagement ring. Instead, Prince Harry decided to design the engagement ring and he did a wonderful job of it.
The custom-made ring is made from Megan's favourite precious metal, yellow gold, and appears to have a large 3-carat diamond at the centre (sourced from Botswana), surrounded by smaller diamonds on either end at approximately 0.5 to 0.75-carats each. The smaller diamonds were sourced from his mother's (Princess Diana) jewellery collection, with Harry saying during the couple's first interview with the BBC:
"The ring is obviously yellow gold because that's [Markle's] favourite and the main stone itself I sourced from Botswana and the little diamonds either side are from my mother's jewellery collection, to make sure that she's with us on this crazy journey together"
The president of WP diamonds estimates the ring to be worth $50,000 or and even more:
“We would estimate the retail to be upwards of $50,000—but with royal provenance, a ring like this could sell from anywhere between $500,000 and $1 million.”
Other experts suggest that a diamond of that size can cost in the region of $200,000, others say $80,000, and even some saying a mid-range diamond of the same size costs around $35,000 - whatever the case, the ring will always be priceless due to its ties to Princess Diana.