Miley Cyrus wows in salmon-colored gown Friday night

Miley Cyrus looked every bit of gorgeous as she stepped out for the Muhammad Ali's Celebrity Fight Night in Phoenix this past Friday night. The singer donned a salmon-colored Jenny Packham gown with some fantastic jewels, according to People Magazine.

However, there was a little added sparkle that drew in some attention. The singer was wearing a diamond ring on her left ring finger, making many curious if her boyfriend Liam Hemsworth popped the question, according to Us Weekly.

"Miley's ring has all the elements of an engagement ring, with an impressive round diamond of approximately 3 carats set in a floral design," jewelry expert Michael O'Connor, who estimates the ring cost $50,000, told the news source.

She paired the big sparkler with gold bracelets that rested below her elbow and some fantastic nude peep-toe pumps. Cyrus and the Hunger Games star are reportedly not engaged, but this may be a hint that she is thinking about it sometime soon.

Those who want to rock a diamond ring to dress up any outfit don't have to break the bank. Fashionistas can get the look for less by purchasing fashion jewelry such as the 18k Gold Over Sterling Silver DiamonUltra Cubic Zirconia Ring.