Iggy Azalea shows off fancy engagement ring from fiancé Nick Young

Australian rapper Iggy Azalea is showing off pictures of her new engagement ring and her new fiancé Nick Young.

The Los Angeles Lakers guard proposed to the Fancy singer late Monday as they celebrated his 30th birthday.

A short video of Azalea saying yes as Young proposed on bended knee was posted on the blog site Karen Civil. The site confirmed its authenticity via email.

• Can't see the video? Watch it here.

The 10.43 carat sparkler, from jewlery retailer Jason of Beverly Hills, featuring diamonds surrounding around a yellow, cushion cut stone, is worth a reported $500,000 US.

Jason Arasheben, CEO of Jason of Beverly Hills, says Young had a hand in designing the ring.

"We wanted it to be both a ring of Iggy's dreams and a ring that fit her personal style," Arasheben told entertainment news outlet E!. "It is always an honor when a client trusts me to help design a ring that symbolizes one of the most important decisions of their life."

Young also posted a picture of the ring on Instagram, letting his fans know he's off the market.

"She said yes. It's over man," he wrote. "I'm getting married!"

A representative for Azalea didn't respond Tuesday to an email seeking comment.

Azalea will be 25 on Sunday. She announced last week that she was canceling her U.S. tour for a second time.