Miley Cyrus Jokes That Her Engagement Ring from Fiancé Maxx Morando Was a ‘Black Friday Deal’

Miley Cyrus’ engagement ring has officially made its late-night debut.

The singer, 33, appeared on the Thursday, Dec. 4, episode of Jimmy Kimmel Live!, where she showed off her cushion-cut diamond engagement ring from Maxx Morando.

The sparkler made its first appearance at the Avatar: Fire and Ash world premiere in Los Angeles on Monday, Dec. 1. On Dec. 2, a source confirmed to PEOPLE that the lovebirds are engaged.

While chatting with Jimmy Kimmel, the host congratulated her on the engagement.

“I wonder if he realizes that if he waited like, three weeks, he wouldn’t have to come up with a Christmas gift,” he then joked about Morando, 27.

“This was Black Friday deal, baby,” Cyrus quipped back.

“It wasn’t, but he was smart that way,” she clarified, before adding, “It might have been. I’m not sure. It better not have been.”

Cyrus showed off her new bling on the red carpet alongside Morando, the chunky gold ring perfectly complementing her black Gucci gown.

Francesca Simons of Francesca Simons Consulting, a rep for jewelry designer Jacquie Aiche, confirmed to PEOPLE that Aiche made the “bespoke” ring, which features a cushion-cut stone set on a thick, 14-karat yellow gold band.

Blue Nile’s VP of merchandising, Daniela Tarantino, estimates that the ring could be worth up to $450,000. 

“This engagement ring is a chunky gold east-west bezel set ring – a modern and chic trend we are seeing in the bridal industry,” Tarantino said in a press email. “We believe the ring is roughly a 4-5 carat modified cushion that costs around $300,000 to $450,000.”

Reyne Hirsch, brand ambassador for Worthy and a former Antiques Roadshow appraiser estimates that the retail value is somewhere between $150,000 and $250,000.

“The ring is a stunning with a very modern and minimalist look to it,” Hirsch tells PEOPLE exclusively. “It’s a 4-5 carat, bezel-set, cushion-cut diamond that is set east-to-west. Depending on the color and clarity of the stone, I would suggest a retail value of $150,000-$250,000.”

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Cyrus was first spotted wearing the ring around mid-November, according to Deux Moi. 

The three-time Grammy winner and the drummer were first romantically linked in December 2021, when they were photographed getting close backstage during Cyrus’ NBC holiday special, Miley’s New Year’s Eve Party, in Miami.

Months later, in April 2022, they confirmed their romance when they were spotted passionately kissing while out in West Hollywood.