Prince Harry, Meghan Markle pose for the cameras after engagement announcement; Here's how much the ring costs

Britain’s Prince Harry, who announced earlier on Monday he was engaged to this American girlfriend Meghan Markle, said they were both thrilled as they posed for their first picture together after the announcement.

Asked if his proposal was romantic, Harry replied: “Of course it was,” before leaving with an arm around his fiancee who showed off her diamond engagement ring to photographers.

The ring on Markle's finger is made by Court Jewellers Cleave and Company. 

Jewellery expert Sophie Lomax, head of design at 77Diamonds.com said "Prince Harry has chosen a a trilogy ring. He is said to have designed the ring and incorporated some of his mother Princess Diana’s diamonds in it, making it a jewel of inestimable value."

She further went onto add "With two round diamonds supporting what looks like a 2.5 carat cushion cut diamond, the stones are set in white gold with the main band of the ring in yellow gold. A ring of this size and quality would generally start at around £50,000."

Prince Harry, fifth in line to the British throne, will marry Markle in the spring, palace officials announced Monday, confirming months of speculation.

Markle, a humanitarian campaigner and lifestyle blogger who succeeded in show business before falling for Harry, will become a senior member of the royal family as the wife of one of the monarchy’s most popular figures.

Harry, a bad-boy-made-good by his tireless devotion to wounded veterans and his embrace of a variety of charitable causes, has said for several years that he wants to start a family, and the rumors of his engagement to Markle have been flying for some time.

The marriage represents a first-ever blending of Hollywood glamor with the once-stuffy royal family, which has of late seemed less fixed in its ways, and brings a mixed-race American divorcee into a highly visible role.

Harry’s brother, Prince William, and his pregnant wife Kate welcomed Markle to the royal family.