Megan Fox's custom emerald and diamond engagement ring from Machine Gun Kelly has an estimated worth of up to $400,000

• Megan Fox and Machine Gun Kelly announced their engagement in two Instagram posts on Wednesday.
• The silver engagement ring consists of two parts, one with an emerald gem and one with a diamond.

Megan Fox and Machine Gun Kelly announced that they are engaged in dual posts shared to Instagram on Wednesday.

The 35-year-old actress and the 31-year-old musician, whose real name is Colson Baker, said that they became engaged the previous day under a banyan tree surrounded by candles.

In a statement sent to Insider, Kathryn Money, senior vice president of merchandising and retail at Brilliant Earth, estimated that Fox's ring cost between $300,000 to $400,000 "depending on the quality and specific characteristics of the center and side stones."

Fox posted an intimate video of the proposal, which has over 16 million views at the time of writing, recalling that they sat beneath that tree in July 2020 and "asked for magic."

A post shared by Megan Fox (@meganfox)

Fox added that after a year and a half of "having walked through hell together" and a lot of laughter, Kelly asked her to marry him.

"And just as in every lifetime before this one, and as in every lifetime that will follow it, I said yes ...and then we drank each other's blood." she wrote.

Kelly shared details about the ring in a video with over 8 million views at the time of writing. He acknowledged that "tradition is one ring," but revealed that he designed it with jeweler Stephen Webster to reflect their birthstones — an emerald to represent Fox, and a diamond to represent himself.

A post shared by the Blonde Don (@machinegunkelly)

He added that the gems were "set on two magnetic bands of thorns that draw together as two halves of the same soul forming the obscure heart that is our love."

Speaking to Vogue's Elise Taylor in a story published on Wednesday, Webster said Kelly wanted to create a custom ring that was "completely original and meaningful to both Megan and himself."

The jewelry designer added that Kelly fed him "lots of material in an almost lyrical form," which inspired the dual gem design. He told Vogue that it was "possibly the most romantic story I have had to work with."

Posting to his business's Instagram account on Thursday, Webster congratulated the couple and revealed that the ring was created in 18 carat white gold, pavé set with colorless natural diamonds. He added: "The Diamond is a D colour antique cut and the Emerald an extraordinary completely untreated Columbian gem."

Money told Insider that the ring has a "Toi et Moi, or You and Me" style where two gemstones are set side by side, "designed to symbolize two souls becoming one." The silhouette has also been seen on Ariana Grande and Emily Ratajkowski.

Insider's Claudia Willen reported that Fox and Kelly first met in March 2o2o, while filming in Puerto Rico for "Midnight in the Switchgrass." At the time, Fox was still married to her husband of 10 years, Brian Austin Green, but rumors of their separation began in May 2020, Willen added.

According to Page Six, the couple appeared to confirm their relationship on June 16, 2020, when Kelly tweeted a lyric from his song "Bloody Valentine."

Representatives for Stephen Webster, Fox, and Kelly did not immediately respond to Insider's request for comment.