Congratulations are in order for rapper Iggy Azalea, who announced her engagement to basketball player Nick Young on Monday evening. The 24 year old took to Instagram to share her joy over the proposal, as well as making us all very jealous by showing off her $500,000 engagement ring.

Iggy AzaleaIggy and her boyfriend Nick Young are engaged.

Azalea captioned a close-up photo of the 10.43 carat yellow diamond ring, ‘Happiest Day #Isaidyes’ on her Instagram account. The rapper then shared pics of her and fiancee Nick Young, aka Swaggy P, sharing a kiss as well as smiling together with Iggy showcasing her new bling.

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A video of Young’s proposal was shared on Twitter by the couple’s mutual friend businesswoman Karen Civil, who captioned the footage, ‘Swaggy P celebrated his birthday tonight by popping the question to his girlfriend Iggy!

In the video Young is seen getting down on one knee and presenting Iggy with the sparkler in a massive box, while asking 'Would you marry me?’ Without any hesitation the ‘Fancy’ rapper answers yes, as friends of the couple cheer in celebration.

Happiest Day #Isaidyes

A photo posted by Iggy Azalea (@thenewclassic) on

The ring was custom made by high end jeweller Jason Of Beverly Hills, who revealed that Young was very involved in the design process. “Nick was very involved in designing the ring," Jason Arasheben, CEO of Jason of Beverly Hills, said in a statement.

"We wanted it to be both a ring of Iggy's dreams and a ring that fits her personal style.” Azalea has been dating the LA Lakers player Young, who is the cousin of rapper Kendrick Lamar, for just over a year now. The 30 year old is also father to a three year old son from a previous relationship.

The news of Iggy’s engagement comes just days after she cancelled her ‘The Great Escape Tour’ which was due to begin in the fall. Speaking to Seventeen magazine Azalea revealed she chose to cancel the dates because she ‘had a different creative change of heart’.

"I want to start totally anew, and if I stayed on my tour, that would mean I wouldn't even be able to start working on that until after Christmas,” Azalea told the mag. "On top of that, mentally, to be honest with you, I just feel I deserve a break.”

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"I've been going non-stop for the past two years, nearly every single day,” the singer explained. “I'm not in a bad place. I think sometimes when you say you need a mental break, people are like, 'A mental break? Be sure you don't have a breakdown because you're sad.' No, not necessarily."