The celeb world is abuzz with news of the engagement between 'Twilight' star Nikki Reed and former 'American Idol' contestant Paul McDonald. The couple have only been dating for two months, but are crazy about one another and are fast tracking their romance into a deep and determined commitment, as Reed, 23, showed off her ring at the MTV Movie Awards. Her happiness spilled over as she gushed, "He's the one. He's the one." Their happiness is infectious!

UsWeekly got the scoop about the finger accessory from jewelry expert Michael O'Connor who described Reed's simple but stunning ring as "eternity-style," which is apparently popular among young and madly in love couples.

"This is a modern version of a platinum and diamond eternity ring that could also work as a stunning wedding band," O'Connor said. "It features full diamonds surrounded by intertwining platinum, and is a great symbol of two people bonding together for a lifetime. Estimated price tag: $30,000."

Thirty Gs? Damn. The bearded and adorably raspy-voiced McDonald is just beginning his music career so he can't be rolling in dough yet, so he must really be certain that Reed is the one.

We wonder how many songs McDonald is going to write for Reed! He can sing at their wedding, too.

Watch Paul McDonald Perform 'Maggie May' on 'American Idol'