Peter Phillips and Harriet Sperling are engaged! And according to diamond pro Mike Fried, Princess Anne's son spent some serious bucks on the meaningful ring.

It must be royal engagement season—just one day after Princess Diana’s niece Lady Eliza Spencer confirmed her engagement on July 31, Peter Phillips—the son of Princess Anne and eldest grandchild of Queen Elizabeth—announced his engagement on August 1.

"Mr. Peter Phillips, the son of HRH The Princess Royal and Captain Mark Phillips, and Ms. Harriet Sperling, daughter of the late Mr. Rupert Sanders and Mrs. Mary Sanders of Gloucestershire, have today confirmed their official engagement," a statement issued for the couple by Gerard Franklin said, according to the outlet.