PICTURE EXCLUSIVE: Third time lucky for both of them? Mariah Carey flashes her £5MILLION diamond engagement ring after casino billionaire James Packer proposes - less than a year after they began dating

The musician flashed her new, diamond engagement rock, which has an estimated value of $7.5 million USD (£5million), on Thursday after the 47-year-old casino billionaire got down on one knee that evening, following less than a year of dating

  • The Australian billionaire proposed on Thursday evening in New York City
  • Just after, the US musician was flashing her sizable engagement rock, thought to be worth over $7M USD 
  • Carey, 46, and Packer, 47, went public with their romance in June 2015
  • Pop diva has two children, four-year-old twins Moroccan and Monroe, with former husband Nick Cannon

Mariah Carey and billionaire James Packer are engaged after a whirlwind romance.

Representatives for the 46-year-old singer confirmed the news to Daily Mail Australia saying: 'Yes, the couple were engaged tonight in New York.'

The musician flashed her new, diamond engagement rock, which has an estimated value of $7.5 million USD (£5million), on Thursday after the 47-year-old casino billionaire got down on one knee that evening, following less than a year of dating.

Fairytale of New York: Mariah Carey and James Packer, seen here leaving Eleven Madison Park, got engaged on Thursday evening after the Australian businessman popped the question in New York

Fairytale of New York: Mariah Carey and James Packer, seen here leaving Eleven Madison Park, got engaged on Thursday evening after the Australian businessman popped the question in New York

Mariah couldn't hide her delight as she arrived at their engagement party at Eleven Madison Park that night with a huge smile on her face and an even bigger rock on her left hand.

British Fine Jeweller, David Marshall of David Marshall London told MailOnline on Friday that the ring could be worth as much as $7.5m.

Marshall explained: 'The stone appears to be an Emerald cut and if it is a D Flawless (the highest colour grading and without flaws) it will be in the region of $5m just for the stone at cost price.

'I would say that the retail value of the ring could be in the region of $7.5m.' 

A second expert confirmed that the ring would be in excess of five million dollars.

David Allen, Creative Director 77Diamonds, had this to say: 'This emerald cut diamond engagement ring looks to be around 30 carats and given Mariah’s penchant for perfection it will no doubt be of the top colour and clarity quality. 

'Something like this would be valued in excess of $1.7m, the wholesale value of a diamond D flawless would be around $4.5m and retail we would sell for around $5m.'

Finally, Sonia Menezes, Head of Brand Development, at Clogau also added: 'It’s a show-stopper, particularly appropriate for Mariah Carey. It reminds me of Beyonce’s fabulous 18ct flawless diamond engagement ring by Lorraine Schwartz.

'Beyonce’s ring was valued around $5m and I would estimate Mariah’s ring in excess of that amount. The Emerald cut is definitely a style favoured by Hollywood royalty, with similar styles being worn by Kate Hudson, Angelina Jolie and Amal Clooney'

It is believed that the pair, whose combined estimated fortune is around $3.4billion USD (AU$4.89billion) have no wedding date has been set just yet.

The marriage will be Mariah's third shot at happiness, having previously spent seven years with Nick Cannon, with whom she has two children, and five years with music executive Tommy Mottola.

James, meanwhile, is also anticipating a third marriage, thanks to his 2013 separation from Erica Packer after six years and three-year union with Jodhi Meares. 

Pictured: The musician flashed her diamond engagement rock almost straight away

Pictured: The musician flashed her diamond engagement rock almost straight away

I'm engaged! She couldn't hide her delight as she flashed the rock on the way out of the restaurant

I'm engaged! She couldn't hide her delight as she flashed the rock on the way out of the restaurant

Excitable: Mariah was sparkling in a glittering dress to match the oversized rock

Excitable: Mariah was sparkling in a glittering dress to match the oversized rock

THE ENGAGEMENT RING

THE ENGAGEMENT RING

British Fine Jeweller, David Marshall of David Marshall London said of Mariah's engagement ring: 'The stone appears to be an Emerald cut and if it is a D Flawless (the highest colour grading and without flaws) it will be in the region of $5m just for the stone at cost price.

'I would say that the retail value of the ring could be in the region of $7.5m.'  

Sonia Menezes, Head of Brand Development, Clogau also added: 'It’s a show-stopper, particularly appropriate for Mariah Carey. It reminds me of Beyonce’s fabulous 18ct flawless diamond engagement ring by Lorraine Schwartz. 

'Beyonce’s ring was valued around $5m and I would estimate Mariah’s ring in excess of that amount. The Emerald cut is definitely a style favoured by Hollywood royalty, with similar styles being worn by Kate Hudson, Angelina Jolie and Amal Clooney'

David Allen, Creative Director 77Diamonds, had this to say: 'This emerald cut diamond engagement ring looks to be around 30 carats and given Mariah’s penchant for perfection it will no doubt be of the top colour and clarity quality. 

'Something like this would be valued in excess of $1.7m, the wholesale value of a diamond D flawless would be around $4.5m and retail we would sell for around $5m.

Impressive: The star had her nails manicured perfectly, ready to show off the rock

Impressive: The star had her nails manicured perfectly, ready to show off the rock

She said yes! The duo have been virtually inseparable since going public with the romance last year

She said yes! The duo have been virtually inseparable since going public with the romance last year

He has three children, Indigo, seven; Jackson, five; and Emmanuelle, three, from his marriage to Erica. 

Describing the night of James' latest romantic proposal,TMZ claims that the billionaire organised a private dinner at Eleven Madison Park in New York with a group of Mariah's closest friends so the special moment could take place 'in front of the most special people in her life'.

Mariah was seen shopping at fine ateliers Van Cleef & Arpels on Rodeo Drive just last week, finally back in LA after spending 56 days of their six-month romance on holiday, jetting to Italy, Southern France, Ibiza, New York, Aspen and Australia - to name but a few - during their short time together.

The news of their impending nuptials follows the gushing declaration that Mariah made about her now fiancé on New Year's Eve in Melbourne, Australia.

Revealing her feelings at a concert in her beau's casino, Sydney Morning Herald claims she told the crowd: 'Spectacular, handsome... I don't even have words for the man who introduced me tonight. We'll just say the amazing Mr. James Packer.' 

Speaking on The Steve Harvey Show in November 2015, Mariah revealed when the romance began saying: 'We first met in Aspen [Colorado]. We were at the Hercules premiere. We were talking and laughing, and people were getting mad at us and stuff like that. So we hit it off.'

In June last year Mariah and Packer were first spotted holding hands on the Italian island of Capri in what was their first public outing as a couple and, seeming relaxed in one another's company, prompted speculation they had been dating for some months before taking the trip. 

Glowing: Mariah could not stop smiling, making strides to their engagement party at 11 Madison Park

Glowing: Mariah could not stop smiling, making strides to their engagement party at 11 Madison Park

Cute duo: The happy couple arrived with arms draped around each other

Cute duo: The happy couple arrived with arms draped around each other

Party time: The pair were later seen in Ibiza, with Mariah flaunting her figure in an array of colourful swimsuits

Party time: The pair were later seen in Ibiza, with Mariah flaunting her figure in an array of colourful swimsuits

Red carpet duties: After sailing around Europe in summer, the pair flew to New York to attend the premiere of The Intern in September

Red carpet duties: After sailing around Europe in summer, the pair flew to New York to attend the premiere of The Intern in September

Off the cuff: Speaking a month later to Entertainment Tonight about the public outing, Mariah said it wasn't a conscious decision to confirm their romance at the event

Off the cuff: Speaking a month later to Entertainment Tonight about the public outing, Mariah said it wasn't a conscious decision to confirm their romance at the event

A TIMELINE OF MARIAH AND JAMES'S WHIRLWIND ROMANCE

JULY 2014: The pair reportedly first met at the premiere of Hercules in Aspen and immediately 'hit it off'. She later told US chat show host Steve Harvey: 'We were talking and laughing and people were getting mad at us.'

JUNE 2015: The couple went public after being photographed together on holiday on the Italian island of Capri. They made no attempt to hide their feelings for each other, openly kissing in front of paparazzi

JUNE /JULY 2015: James and Mariah enjoyed a marathon series of exotic holidays together - sailing to the South of France before spending time in the Mediterranean resort town of Antibes, then moving on to Cannes. There, they were seen flitting between glamorous boutiques and enjoying time on board Packer's yacht, Arctic P. A trip to Israel shortly followed.

AUGUST 2015: The pair were spotted looking happy and relaxed in one another's company in Ibiza for yet another family trip, which included James's children from his marriage to second wife Erica.

SEPTEMBER 2015: They returned to Italy together to enjoy more fun in the sun. Mariah and James also made their red carpet debut together at the premier of The Intern, starring Robert De Niro and Anne Hathaway.

OCTOBER 2015: The couple travelled to Macau for the launch of James's casino, Studio City. Mariah performed at the official launch of the complex - marking the couple's EIGHTH trip together after just three months of dating.

NOVEMBER 2015: Maria showed off a $500,000 diamond necklace by Van Cleef & Arpels - a gift from billionaire James - during a US television interview.

DECEMBER 2015: They met in New York for a family holiday, joined by Mariah's children, before returning to Aspen to celebrate Christmas in the snow. They subsequently flew to James' native Australia in a private jet to ring in the New Year.

NEW YEAR'S EVE 2015: Mariah gushed about her relationship with James during a concert at his Melbourne Crown casino, saying: 'Spectacular, handsome... I don't even have words for the man who introduced me tonight. We'll just say the amazing Mr James Packer.'

JANUARY 2016: James, Mariah and her kids jet to Sydney to relax at his estate in the Hunter Valley, before flying to Antigua with her children to enjoy the Caribbean tropics.

21 JANUARY 2016: Representatives confirm Mariah and James were 'engaged tonight in New York'