Did James Packer spend $10M on Mariah’s ring?

How could Mariah Carey not say “yes” with this ring?

Australian billionaire James Packer proposed on Thursday night, and new photos of her 35-carat engagement ring — which is estimated to be worth upwards of $10 million — show just how massive the bauble really is.

To put the size into perspective, Kim Kardashian’s huge ring from Kanye West is only 15 carats, while Jennifer Lopez’s famed pink diamond sparkler from ex Ben Affleck was a mere 6.1 carats. Even a royal ring can’t measure up: Kate Middleton’s not-so-shabby sapphire-and-diamond sparkler — which belonged to Princess Diana — is 18 carats.

Carey’s diamond-and-platinum ring was designed by Wilfredo Rosado, a longtime friend of the singer. It features one massive 35-carat center stone flanked by two 1-carat baguettes.

“I really wanted to create something for her that was about new beginnings,” Rosado told Vogue. “I wanted to give her something super sophisticated and something that took away all of the embellishments that a lot of people use when they design engagement rings these days. But it is epic. It’s an epic ring for an epic time in her life.”

One diamond expert told Page Six the ring likely set Packer back as much as $10 million.

“A diamond of this size and quality is incredibly rare,” said Kristen Trustey, an expert with Forevermark, which has bejeweled celebs from Kate Winslet to Karolina Kurkova.

“Assuming the diamond is of the highest quality, D color and close to flawless, its value could be upwards of $10 million.”

The pair got engaged in New York.

Carey’s last engagement bling, which came from ex-husband Nick Cannon, was paltry in comparison: a 17-carat pink diamond ring valued at $2.5 million.

Carey, 45, and Packer, 48, got engaged after less than a year of dating. This is the third marriage for both. Carey has 4-year-old twins with Cannon, and Packer is also a father.