The younger sister of Kate Middleton showed off the stunning engagement ring as she left her home in Chelsea earlier today.
As you might expect, the huge diamond ring is worth a considerable amount of money. David Allen, Creative Director of 77 Diamonds, told the Mail Online: 'A flawless asscher diamond set in an octagonal halo ring such as this would fetch upwards of £200,000.'
Pippa and James, who dated for a short while in 2012 before calling time on their relationship, and then rekindled their romance less than a year ago, are engaged after James got down on one knee during a recent trip to the Lake District.
James, 40, who is the brother of Made In Chelsea star Spencer Matthews, reportedly asked for permission from Pippa's father Michael Middleton, before popping the question.
A friend of the couple told Mail Online: 'James is a traditionalist and very much wanted to do things properly. That meant getting his future father in law's consent'.
Another family friend added: 'Mike and Carole are very happy. They like James and they are sure he will make Pippa very happy.'
James, a hedge fund manager, attracted The Duchess of Cambridge's sister thanks to their shared love of 'physical challenges', a friend said.
'Pippa has swum the Bosphorus, climbed Mont Blanc and cycled across America. It makes them a good match. Earlier this year they completed 33 mile cross country ski race in Norway.'
It's thought that the engagement took 32-year-old Pippa completely by surprise. The former party planner was seen at a social event in London earlier this week where she fuelled rumours of an engagement by hiding her left hand.
Pippa first dated James in 2012, but the pair parted ways before she began a three-year relationship with stockbroker Nico Jackson. They split in September last year, and it seems Pippa and James rekindled their relationship not long after.
We hope that a 2017 wedding is on the cards - it's about time we had another Middleton wedding to get excited about! Congratulations to the happy couple!