Alessandra Ambrosio is Engaged!

Alessandra Ambrosio is officially off the market!

The supermodel has announced her engagement to Australian jewelry designer Buck Palmer after nearly two years together, and she's giving us a pretty spectacular first look at the ring.

The former Victoria's Secret Angel revealed the happy news with a series of romantic beach photos, including shots from the proposal and a gorgeous moment showing off her new bling while rocking a bikini.

And then there's the ring. The massive elongated cushion-cut diamond is estimated by jewelry experts to be somewhere around 4 to 7 carats, with estimates of its value reaching into the millions depending on the stone's quality.

Palmer is a jewelry designer himself, so it's safe to say he knew exactly what he was doing when it came to picking out a serious sparkler.

Ambrosio captioned her announcment photos with "I'd choose you in this life and every life. Here's to forever, my love." Cute.

Scroll through the gallery for Alessandra's engagement photos and some more of her in a bikini!