Iggy Azalea agreed to marry Los Angeles Laker Nick Young after he popped the question at his 30th birthday bash on Monday. The two have been dating since Oct. 2013, according to E!.

The proposal, which was caught on camera, shows the basketball player going traditional by getting down on his knee to ask: "Would you marry me?" Azalea immediately said "yes" as the guests at the party cheered for the couple.

Nick presented the Australia-born rapper a ring with a total of 10.43 carats and worth a whopping $500,000, according to New York Daily News. "Nick was very involved in designing the ring. We wanted it to be both a ring of Iggy's dreams and a ring that fit her personal style. It is always an honor when a client trusts me to help design a ring that symbolizes one of the most important decisions of their life," Jason Arasheben, CEO of the jewelery store Jason of Beverly Hills, told the Washington Post.

Happiest Day #Isaidyes A photo posted by Iggy Azalea (@thenewclassic) on Jun 2, 2015 at 12:54am PDT

"It was a beautiful celebration for Nick with only his close friends and family. Nick completely surprised Iggy with the proposal. She was shocked and so excited and emotional at the same time," a source close to the couple told E!. "Nick has known for a long time Iggy was the one for him, but he was just waiting on the perfect time to pop the question. They both have gotten very close these passed few months and he can't think of anyone else to spend his life with but her. One of the most important things about Iggy is the way she is to his son," the source added.

❤️❤️ A photo posted by Iggy Azalea (@thenewclassic) on Jun 2, 2015 at 1:01am PDT

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