Miley Cyrus is the proud owner of a 3.5-carat cushion-cut Neil Lane diamond engagement ring, according to People.

Neil Lane, who says Hemsworth wanted "something unusual," tells the mag:

    “It was hand-cut around 1880 or 1890 and it’s unique and in its original form,” Lane says. “At that time no two diamonds were alike, as they were all hand-cut, so it’s fascinating to look at because it hasn’t been re-cut to look contemporary over the years. I find that really romantic.”

The Hannah Montana star is beyond thrilled with the handcrafted 18-karat gold creation! Miley Tweeted, "Thank you for all the love today. I’m happy to share this news with you all. I feel like all my dreams are coming true.”

Lane adds, "It’s a contemporary design based on vintage aesthetics. The light flashes and sparkles no matter where Miley moves her hand.”

Liam proposed to Miley on May 31.