Peter Phillips and Harriet Sperling are engaged! And according to diamond pro Mike Fried, Princess Anne's son spent some serious bucks on the meaningful ring.

Queen Elizabeth's eldest grandson, Peter Phillips, is engaged to Harriet Sperling. The two announced that they had taken the next step in their relationship on August 1, 2025. The royal proposed with a three-stone diamond engagement ring that's estimated to cost $42,000.

"Mr. Peter Phillips, the son of HRH The Princess Royal and Captain Mark Phillips, and Ms. Harriet Sperling, daughter of the late Mr. Rupert Sanders and Mrs. Mary Sanders of Gloucestershire, have today confirmed their official engagement," spokesperson Gerard Franklin told Hello! in a statement.