Game of Thrones star Sophie Turner and her new fiancé, DNCE frontman Joe Jonas, chose to announce their engagement Sunday by posting an image flaunting her stunning engagement ring on Instagram.
That ring is worth at least tens of thousands of dollars, according to diamond experts. Though few details about the engagement ring exist outside of the photo of it, industry experts told MONEY that the uniquely set ring has a diamond of at least two carats, ranging anywhere from about $20,000 to $150,000 — or more.
The couple reportedly started dating last year. In Turner’s post Sunday, the 21-year-old actor wrote, “I said yes.”
Much of what determines the price of an engagement ring falls under the four “Cs”: cut, clarity, color and carat. Those factors demonstrate the value of the diamond and the ring itself, along with the brand that accompanies it and its setting.
Experts interviewed by MONEY offered a range of estimates on what Turner’s ring may be worth. (A representative for Jonas did not respond to a request for comment.)
A representative from Blue Nile, an online jewelry company, said the diamond was at least two carats or more, costing between $20,000 and $30,000, depending on its size and quality. Another $2,000 or $3,000 can be tacked on depending on its weight as well.
Kathryn Money, the vice president of strategy and merchandising at Brilliant Earth, a jewelry company with ethical sources, had a larger estimate for the ring. Money estimated it is a 3.5-carat diamond with a good cut, worth between $48,000 and $58,000.
And to Mike Freed, the CEO of Diamond Pro, a company that helps people find the best diamonds for their money, the ring could be worth more than double that. Freed estimated it has a 5-carat diamond and is worth $150,000 — or “exponentially” more, depending on what brand and what level of quality Jonas chose for the ring.
What experts agreed upon, however, was the unique setting of the ring. “I’ve never seen the double band,” Freed said of the setting. “That was pretty interesting to me.”
Despite the wide range in estimates, it is clear that Jonas spent far more than the average person on an engagement ring. In 2016, Americans spent an average of $6,163 on engagement rings, according to The Knot’s 2016 Real Weddings Study. Proposals involving diamond rings have become more commonplace over the last few decades as the wedding industry grows more lucrative. As the average amount of money spent on engagement rings rises, marketing campaigns have encouraged buyers to spend about two months of your salary on them. (And if you’re not willing to spend that much on a ring, MONEY has a few different recommendations.)
Both Turner and Jonas are high-earners for their age, each with lucrative careers in their respective industries. Turner is best known for her portrayal of Sansa Stark on HBO’s Game of Thrones, a show so popular that close to 10 million people watched each episode of its most recent season and fans have rushed to its filming locations around the world. Now the lead singer of DNCE, Jonas started his career as a teenager with his brothers, who toured the world and appeared on Disney Channel.