Miranda Kerr showed off her giant engagement ring on Saturday night at Giorgio Baldi (and later at Shore Bar), where she celebrated with her fiance, Evan Spiegel.

The lovebirds announced their engagement earlier this week, and she confirmed the news with an Instagram post showing off the diamond sparkler on her left hand. "They are extremely happy," a spokesperson for the Snapchat billionaire told The Daily Mail.

Miranda's ex Orlando Bloom is happy for the starlet as well, and a source tells E! News, "He spoke with and congratulated her." As far as moving forward as a family, "Orlando knows that Evan treats Flynn well so that's all that matters to him," and another insider told the outlet, Spiegel is "very much part of Flynn's life" and that the boy "loves" him.

The duo have been dating for a year and living together for several months, and after numerous reports popped up that Evan was ring shopping, no one seemed surprised by the news this week. The only question now is how quickly they will move forward with a wedding!