01/30/2013 11:14 am ET Updated Apr 01, 2013

Jana Kramer's Fabulous Five-Carat Engagement Ring

"Dreams really do come true," says Jana Kramer on her website bio about her singing and acting career. And I'm sure she's saying the same thing about her newly gifted sparkler from fiance Brantley Gilbert. The two country singing lovebirds are now officially engaged thanks to this five-carat, round brilliant diamond engagement ring.

The One Tree Hill actress told People that she's "in love with it" and "can't stop looking at it!" She can't stop looking at it because it's just that big.

But in addition to the large carat weight, Jana's setting makes the diamond appear even larger. Her thin pave-set-diamond band makes the massive diamond pop out even more than if the band were thick or plain white gold. It helps as well that Jana's fingers are slender and long.

So how much did this proposal prop actually cost Brantley? Well, in order to get a diamond to match the color of what are undoubtedly very high-quality pave stones, the center stone would have to be at least an H color. Also, because of the stone's size, the clarity grade would have to be higher than usual, since otherwise the imperfections would be visible to the naked eye (and we don't want any of that!). Assuming, then, that the diamond is at least an H color and VS1 clarity, the approximate value of this ring is between $250,000 and $300,000. (The diamond is probably similar to this one from James Allen)

And while dreams of colossal bijoux really do come true for some lucky celebrities, for the rest of us, we need to be creative to score the big look on a small budget. Jana's ring is a case in point that setting the center diamond in a thin pave setting will make a diamond of any carat weight appear larger than it is. Moreover, knowing how low you can go for the diamond's color and clarity grades will also help you allot more money for larger carat weight, or as we say in the industry, the "wow" factor.

Ira Weissman is a diamond industry veteran with a decade of experience at one of the world's largest diamond polishers. He has traveled the world buying and selling diamonds and now dedicates his time to helping consumers make the most of their diamond buying decisions. He has been featured on Anderson Cooper, CNBC, and has been quoted by MarketWatch, The Village Voice, and BankRate. Visit Truth About Diamonds to educate yourself about diamonds.