Iggy Azalea and Nick Young are headed down the aisle. The couple is officially engaged.

The Los Angeles Lakers star proposed to his “Fancy” girlfriend at his 30th birthday party at a carnival in L.A. on Monday night. He got down on one knee and popped the question in front of the couple’s family and friends, and the moment was captured on Instagram.

“Would you marry me?” Nick asked while presenting Iggy with a massive engagement ring. “Yes!” she replied.

According to E! News, the 10.43-carat ring from Jason of Beverly Hills is valued at $500,000. Iggy’s ring features an 8.15-carat yellow cushion cut center stone with 2.28 carats of white diamonds set onto 18-karat white gold.

“Nick was very involved in designing the ring,”

Jason Arasheben, CEO of Jason of Beverly Hills, tells E! News.

“We wanted it to be both a ring of Iggy’s dreams and a ring that fit her personal style. It is always an honor when a client trusts me to help design a ring that symbolizes one of the most important decisions of their life.”

The overjoyed bride-to-be showed off her flashy ring on Instagram, writing,

“Happiest Day #Isaidyes.”

Nick later posted a pic of the couple and added,

“She said yes. It’s over man. I’m getting married!”

The couple, who originally met on Twitter, have been dating since late 2013.