One of the most eligible high-society bachelorettes of Britain, Pippa Middleton, younger sister of Duchess Kate Middleton, is now officially engaged.

The 32-year-old celebrity was seen sporting a dazzling diamond ring as she left her home in London, on Tuesday morning. The huge diamond is a gift from her 40-year-old fiancé, James Matthews, who is a millionaire hedge fund manager. And now that she is flashing the impressive piece of jewelry, speculations have started surfacing about the bling's worth and style quotient.

And as is expected, it is quite the stuff classic jewelry is made of. Experts claim that it is a 4 carat Asscher cut diamond with highest clarity grading, which makes it drop-dead dazzling. Set in the shape of an octagon and surrounded by immaculate round cut diamonds, it does remind one of her elder sister's engagement ring.

However, the sparkling border of round cut diamonds is the only similarity that her ring possesses with relation to the one her sister received. Otherwise, the two are very different. Notably, Prince William went down on his knees before Kate in 2010 with his mother's 12 carat sapphire ring from Ceylon. And before the sparkler went to Kate, it was given to Princess Diana (William's mother) by Prince Charles who had purchased it for his lady love in 1981.

In the meantime, both William and Kate have expressed their happiness at Pippa's engagement. A Cambridge spokesman said that the royal couple is absolutely delighted with the news and have given their blessings to the duo. Pippa's father is also glad and in a statement to the Press Association revealed that James-Pippa would make a wonderful couple and he and wife Carole are thrilled with the news.

Well, there is no update yet about the wedding but looks like it is on the horizon. And given the stunning diamond ring, Pippa is sporting, one can rest assured that her wedding is also going to be a gala affair, dotted with the flavors of the royal wedding, we saw at her sister Kate's nuptials.