The design? Vintage (in fact - Liam made sure everyone knew it was hand cut in 1890 thanks to a detailed twitpic also known as showing off). The diamond? 3.5 carat. The band? 18 carat gold. The price? $250,000 (or so the New York Daily News says).
The question is - no matter how expensive the ring - does a girl really want to keep a "memento" from a relationship that hasn't worked out? Is the ring a constant reminder of a someone you'd rather move on from?
Kim Kardashian thinks so. The reality TV star is selling her engagement ring from her 72-day marriage to Kris Humphries in an auction at Christie's.
So - have Miley and Kim done the sensible thing? Here's the pros for keeping an engagement ring...
1. It's a beautiful piece of jewellery. Why not keep it? It's not every day a girl gets given something that sparkly.
2. It doesn't have to stay in its engagement ring form. It's amazing how a diamond ring can be transformed into a sparkly new necklace.
3. If he keeps it, he'll probably cash it in. If the girl gets it? It's hers for selling. (Kim is hoping to make something in the region of $300,000 from hers. Wow).
4. It was a present - a gift! - a very kind gesture. If the guy asks for it back, does that mean the girl has to return everything he ever bought for her? *Gasps*.
And the reasons for giving it back...
1. It's just a piece of jewellery that doesn't mean anything any more.
2. Who says there won't be a better man (and a better ring) somewhere down the line?
3. Closure. It's a sign of moving on.
And so the debate goes on. As for Miley? Keep your eyes peeled for her new and improved $250,000-worth of jewellery next time she's proving a point on stage...