Kim Kardashian’s Engagement Ring: $2 Million Lorraine Schwartz 20.5-Carat Rock

By Erin Donnelly 05/25/11 at 10:20 AM

Photo courtesy of People

Kim Kardashian flaunts her giant engagement ring on the cover of People.

The Kardashians are adding another Kris to their K-centric family (not to mention a second basketball player), and middle sister Kim has bagged an ultra-luxe engagement ring in the process.

The reality star is sporting a stunning 20.5-carat Lorraine Schwartz diamond ring (worth a whopping $2 million, TMZ reports) after getting engaged to her boyfriend of six months, New Jersey Nets forward Kris Humphries, People reports.

The basketball star popped the question on May 18 by (cue awws!) spelling out "Will You Marry Me?" with red rose petals at Kardashian's Beverly Hills home.

"I didn't expect this at all," the 30-year-old fragrance designer tells the magazine. "I was in such shock. I never thought it would happen at home, and I never thought now."

The wedding will actually be Kardashian's second trip down the aisle (she divorced music producer Damon Thomas in 2004 after four years of marriage), but that doesn't mean she'll be doing things low-key this time around.

"I just knew I wanted it to be big," 26-year-old Humphries says of the custom-designed engagement ring.

Good idea. The couple later celebrated their commitment with a family party thrown by that other Kris, Kim's mother.

Now comes the big question: Who's doing the dress? And how long before a Kardashian bridal line/wedding-themed reality show comes to fruition?

And find out what else Kim will be wearing on her ring finger.