Maria Sharapova's engagement ring costs $250K

Tennis player Maria Sharapova was recently spotted with her new engagement ring, which was given to her by her fiancée Sasha Vujacic of LA Lakers.

"This ring makes a statement. It's no wonder why Maria is smiling in the photos!" UsMagazine.com quoted jewelry expert Michael O'Connor as saying.

O'Connor gave more details on the Grand Slam winner's bling. According to him, the center stone of the ring appears to be a cushion-cut diamond of approximately 7 to 8 carats on a thick, split-shank platinum band.

Estimated cost of the ring, according to O'Connor is $250,000.

After nearly a year of dating, Sharapova and Vujacic first stepped out together at a November 2009 U2 concert

Vujacic proposed to Sharapova in his Manhattan Beach, California home.

No wedding date has been announced.