By Meredith Lepore
Updated Jun 02, 2015 @ 8:45 am
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Gregg DeGuire/WireImage

Now this ring goes beyond "Fancy"! Iggy Azalea got engaged to boyfriend L.A. Lakers player Nick Young on Monday night and shared the happy news by posting an Instagram photo of her enormous new rock.

She wrote in the caption, "Happiest Day #Isaidyes":

Young presented the Australian rapper with a 10.43-carat ring that featured an 8.15-carat yellow diamond and a white diamond halo. The ring was designed by Jason Arasheben of Jason of Beverly Hills.

She also posted two sweet photos of the newly engaged couple, who have been dating for more than a year and a half:

Young made the big ask on one knee on his 30th birthday—watch the footage of the big event here: