We're not sure who originally coined the phrase "You can't put a price on love" but we can assure you Liam Hemsworth wasn't out bargain shopping for an engagement ring. It might also be safe to say the couple never saw the 2006 movie Blood Diamond. According to reports Miley Cyrus' engagement ring cost an estimated $250,000!

Cyrus announced on Wednesday her boyfriend Liam Hemsworth had proposed on May 31 after a three-year romance.

She was later photographed out and about in Beverly Hills, California sporting a diamond-and-gold ring on the third finger of her left hand, and an expert values the ring at a quarter of a million dollars.

Kenneth Lejman, a senior appraiser at the Gemological Appraisal Laboratory in the Big Apple, tells the New York Daily News, "Assuming it's reasonably high quality, I would estimate it at $250,000."

Jeweler Neil Lane, who designed the 3.5-carat piece for Australian actor Hemsworth, adds, "He wanted something really romantic and beautiful... It's all handmade with a 19th century cushion-cut diamond."

Cyrus and Hemsworth began dating after they met on the set of The Last Song in 2009.