Rock of Ages! Beyonce Debuts Diamond Engagement Ring at Fashion Rocks

There are diamond engagement rings, and there are diamond engagement rings. New bride, Beyonce Knowles flashed one blinder of a rock on the Fashion Rocks red carpet this weekend, and jewelry lovers everywhere dropped to their knees.

Weighing in at a mere 18 (yes, you heard it Cindy) carats, the Lorraine Schwartz ring is valued at $5 million and features a flawless, emerald cut diamond. Jay-Z does pretty well for himself, we hear.

The music biz’s royal couple secretly married in April, and the stalkerazzi has been waiting for the diamond to debut ever since. Timing is everything.

Beyonce also wowed the audience with her “Ain’t Nothing Like the Real Thing” duet with one Justin Timberlake during the show and appeared in full Etta James garb to pay homage to the chaunteuse, who was in the audience and who Beyonce portrays in her latest film, Cadillac Records.

To see both the bling and the sing, watch Fashion Rocks this Tuesday in a two-hour special on CBS. Proceeds benefit Stand Up To Cancer, a program established by the Entertainment Industry Foundation to raise money for cancer research.