Bling Bling! All About 'Real Housewives Of Atlanta' Star Cynthia Bailey's $85K Engagement Ring

Cynthia Bailey got a gorgeous diamond ring when fiancé Mike Hill popped the question!

PEOPLE exclusively confirmed on Friday that the Real Housewives of Atlanta star, 52, got engaged to the sports journalist, 48, after 14 months of dating. Hill proposed to Bailey with a gorgeous 5-carat princess cut solitaire ring in Atlanta at the grand opening of her new business, The Bailey WineCellar.

The reality star’s new bling from Simon G. Jewelry was purchased at Solomon Brothers, and consists of a stone worth about $70,000 as well as an elegant white gold band covered in a mixture of princess cut and baguette diamonds — which costs just over $14,000.

Altogether, the stunning sparkler, which was purchased at Solomon Brothers in Atlanta, is worth around $85,000.

“Mike selected a modern engagement ring that incorporates both princess cut and baguette diamonds which beautifully accents her center stone,” a representative from Simon G. Jewelry told PEOPLE. “We’ve seen a lot of trends in bridal that integrate various diamond cuts, and Cynthia’s ring is absolutely stunning.”

The surprise proposal was a family affair, with Bailey’s daughter Noelle Robinson, 19, and Hill’s two daughters — Kayla, 17, and Ashlee, 19 — in attendance, alongside a crowd that included some of the couple’s closest friends as well as Bailey’s RHOA cast mates.

According to a source on the scene, Hill initially made it seem like he was giving a toast in honor of Bailey’s opening, before Kayla interrupted to hand him a bottle with a big question mark on it — telling him, “No dad, I think you should propose like this.”

As he did, Noelle, Kayla and Ashlee all gathered behind him with a hand-made puzzle piece sign that real, “Can we be a family?”

This will be the second marriage for both Bailey and Hill, who currently works at Fox Sports 1 out of Los Angeles.

She was previously married to Peter Thomas from 2010-17.

Cynthia Bailey Gushes About Her New Relationship

Bailey has made no secret about her desire to walk down the aisle again.

“I want to marry Mike. I love Mike. He’s my soulmate,” she told PEOPLE in December. “We talk about getting married all the time. I’m hoping a proposal will happen soon, if not before the end of this year, then hopefully next. I’ve certainly been dropping enough hints! But God has a plan, so I’m just letting it go.”

“We’re not jumping into this blind. We both have kids and we both love each other very much. We know marriage is the next step,” she added.

Bailey is currently filming the 12th season of RHOA, which is expected to premiere before the end of the year.