Taylor Swift is still 'bejeweled.' Inside the cost of her 'really rare' engagement ring

It's a love story, baby, just she said yes!

Taylor Swift is engaged to boyfriend Travis Kelce, the pair revealed on Instagram Aug. 26, dropping photos of the intimate proposal in a rose-adorned gazebo, and a solo shot of the ring − a whopping, glistener of a diamond that the NFL player himself designed.

Contrary to her popular tune "Paper Rings," Swift's actual engagement ring is no dinky symbol of everlasting love: It's a rock with a value some estimate to be in the millions. An old mine brilliant cut diamond, according to Swift's rep, the ring was a collaboration between Kelce and designer Kindred Lubeck of Artifex Fine Jewelry.

How much did Taylor Swift's engagement ring cost?

"It's traditional with a modern flair. The center stone appears to be a bezel set 7 to 9 ct elongated old mine cushion cut, set in 18k yellow gold," Jared Jewelers' VP of Merchandising Ann Grimmett told USA TODAY via email. "The cut and clarity look very good from the photos, so my estimate is that this ring would cost approximately $250-500k."

Other industry experts, however, put the ring's value even higher.

"If the diamond is natural and of exceptional quality, possibly in the D to F colour range with excellent clarity, it could easily be worth between £500,000 and £750,000 ($675,000 to $1 million)," Laura Taylor, a jeweler specializing in engagement and wedding rings at Lorel Diamonds, said in an email statement to USA TODAY.

Her comments point to an ongoing buzzy divide over natural versus lab-grown diamonds, which have gained popularity in recent years.

That disparity in estimates likely comes because this type of diamond is so rare, Nadine Tacorian Arzerounian, the co-owner and head of design at luxury jeweler Tacori, told USA TODAY in an interview Aug. 27.

"The reason it's so difficult to give a hard cost on it is because it's an old mine cut, so it's an antique diamond," she explained. "They're really rare, there are not that many out in the market, especially if it's around an 8-carat."

The shape − an elongated cushion − as well as the size and the cut make it "really difficult to estimate," Arzerounian says. She herself puts the price tag around $500,000.

How much would it cost to insure Taylor Swift's engagement ring?

To get such a ring insured, seemingly an inevitable step for a woman whose performances involve sometimes elaborate dance routines, the price tag is also sizable.

Jewelry insurance usually costs between 1% and 2% of the piece's value per year, according to CNBC, and many companies have a maximum amount covered. That could place the insurance value anywhere between $2,500 annually to $20,000.

"Insurance-wise, it is really difficult to figure out how to get that," Arzerounian confirms, adding "there are special types of companies that would insure that high value and it would be around 2%."