Look for Iggy Azalea to be reworking the lyrics to “Fancy” — she’s now got an enormous yellow diamond that matches that description exactly, thanks to a sweet Monday night proposal from love Nick Young, and we’ve got all the details on her can-be-seen-from-outer-space bling.

The L.A. Lakers star affectionately known as Swaggy P dropped to one knee on his birthday to offer Azalea the giant rock, which got him an enthusiastic yes. And it’s no surprise: Just check out the hardware.

Young designed the 10.43-carat ring, consisting of an 8.15-carat fancy intense yellow diamond and a white diamond halo set into white gold, with jeweler Jason Arasheben of Jason of Beverly Hills. “Nick started throwing around ideas of possible ring styles nearly two months ago,” Arasheben tells PEOPLE exclusively. “He really took his time and made four separate trips to see me. He knew he wanted a cushion-shape stone. He was very meticulous and changed minor details on the design a few times until we both felt it was perfect. He was really determined to create the perfect ring for her.”

Got the drop at People . . .