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Revealed: The staggering cost of Lady Eliza Spencer's engagement ring – and the secret detail paying tribute to her late aunt Princess Diana

Lady Eliza Spencer has announced her engagement to Channing Millerd and the price of the stunning ring has been revealed

Lady Eliza Spencer has announced her engagement to her boyfriend of ten yearsChanning Millerd – and her dazzling ring was just as sparkling as expected.

Princess Diana‘s niece, 33, showcased the costly jewel on Instagram alongside a slew of sunsoaked snaps of the proposal, which took place on the Greek island of Santorini.

Front and centre was a breathtaking ring featuring a dazzling 2.50-carat pear-cut diamond set on a platinum band.

UK jewellers Steven Stone have valued it at a whopping £40,000 – though this is a modest estimate compared to the rings of other royals, such as the Princess of Wales and Meghan Markle, thought to be worth £390,000 and £140,000 respectively.

The choice of ring is particularly special and is likely close to Eliza’s heart owing to one very distinctive feature.

The ring features an elegant halo design that echoes the one worn by Eliza’s famous aunt, Princess Diana, whose engagement ring featured a similar design.

The stone on Eliza’s ring is bordered by a halo setting, similar to the one seen in Diana’s – a deep blue oval-cut sapphire surrounded by diamonds.

The former prince and current king, Charles, 76, proposed to Diana in 1981 with a12-carat oval Ceylon sapphire ring after six months of dating.

Lady Eliza Spencer has announced her engagement to Channing Millerd and the price of the stunning ring has been revealed

Lady Eliza Spencer has announced her engagement to Channing Millerd and the price of the stunning ring has been revealed

Eliza's ring features an elegant halo design that echoes the one worn by her famous aunt, Princess Diana, whose engagement ring featured a similar design; the late royal pictured sporting her famous engagement ring in 1996)

Eliza’s ring features an elegant halo design that echoes the one worn by her famous aunt, Princess Diana, whose engagement ring featured a similar design; the late royal pictured sporting her famous engagement ring in 1996)

But Princess Diana loved her engagement ring so much that she continued to wear it after her divorce from Charles in 1996.

Princess Diana’s ring was designed by the crown jeweller Garrard and inspired by the sapphire and diamond cluster brooch made for Prince Albert in 1840, which he went on to gift Queen Victoria as a wedding present and she wore it as her ‘something blue’.

At the time, it was referred to as the ‘commoner’s sapphire’ as the ring was available in the Garrard’s catalogue, meaning that anyone could have purchased it for £47,000.

It seems the Princess of Wales is just as fond of the special jewel.

Prince Williamproposed to to Kate using the engagement ring which once belonged to his mother.

The future king, then 28, opted for the dazzling oval blue 18-carat sapphire and diamond ring to pop the question to his future wife while the pair were on holiday in Kenya in 2010.

Kate also sported the ringfor her highest-profile appearance since undergoing cancer treatment when she attended the Festival of Remembrance at the Royal Albert Hall last November.

After almost a decade together, tech executive Channing popped the question to Eliza, the daughter of Charles Spencer and Victoria Aitken, in a stunning setting during sunset on the Greek island, it was revealed last week.

In the post, captioned ‘Forever and ever’, Eliza shared a sweet photograph of her lovingly looking at her fiancée.

Eliza'sbreathtaking ring features a dazzling 2.50 carat pear-cut diamond set on a platinum band, and UK jewellers Steven Stone have valued it at a whopping £40,000

Eliza’sbreathtaking ring features a dazzling 2.50 carat pear-cut diamond set on a platinum band, and UK jewellers Steven Stone have valued it at a whopping £40,000

Eliza and her husband-to-be (pictured at a 2022 party in London) met ata dinner party in South Africa through Channing's brother

The couple (pictured at a 2022 party in London) met ata dinner party in South Africa through Channing’s brother

The former prince and current king, Charles, 76, proposed to Diana in 1981 with a 12-carat oval Ceylon sapphire ring after six months of dating

The former prince and current king, Charles, 76, proposed to Diana in 1981 with a 12-carat oval Ceylon sapphire ring after six months of dating

The snap showcased the model’s new ring, which features a lavish pear-shaped diamond.

A second photograph appeared to capture the moment Channing got down on one knee to the model during a romantic candlelit dinner overlooking the sea.

Eliza, a first cousin of Prince William and Prince Harry, put on an elegant display for the special moment in a silk red halter-neck dress and brown sandals.

Friends and family rushed to congratulate the couple in the comment section, including Eliza’s twin sister, Lady Amelia Spencer, who wrote, ‘The best news ever’, before adding, ‘I couldn’t be happier for you both!

‘The BEST NEWS IN THE WORLD. I love you both with all my heart! The perfect couple and dream engagement.’

The model’s elder sister, Lady Kitty Spencer, 34, also congratulated the couple on Instagram, writing, ‘So happy for you and love you both very much @elizavspencer @channingmillerd.’

Prince William proposed to to Kate using the engagement ring which once belonged to his mother

Prince William proposed to to Kate using the engagement ring which once belonged to his mother

Princess Diana loved her engagement ring so much that she continued to wear it after her divorce from Charles in 1996

Princess Diana loved her engagement ring so much that she continued to wear it after her divorce from Charles in 1996

Eliza and Channing first met at a dinner party in South Africa through the executive’s brother, Greg Mallet, according to Hello.

Talking to the publication, Eliza said, ‘We have such a strong, loving and supportive relationship.’

‘He truly is my best friend. We understand each other so well, and no matter what life brings, we’re always there for one another.’

Eliza added, ‘I absolutely believe he’s The One – our bond is built on so much trust, laughter and shared values.’

Eliza and Amelia live in London’s Fulham, around 15 minutes away from their elder sister, though they travel a lot, including back to South Africa, from where their partners hail.

Following the union, the model will become a stepmother to Channing’s son from a previous relationship, Nate, who the loving father has dubbed his ‘perfect boy’ on Instagram.

In an interview with Hello in March, Eliza said that she likes the idea of a destination wedding, particularly in Italy.