Billy Ray Cyrus and Fiancée Firerose Share the Story Behind Her 'Gorgeous' Engagement Ring 

Billy Ray Cyrus was a "Busy Man" when it came down to ring shopping.

The two-time Grammy winner no longer has an "Achy Breaky Heart" and that's all thanks to his new engagement to fiancée, Australian singer Firerose.

On Wednesday, the couple exclusively shared the news of their August engagement with PEOPLE, opening up about her stunning new bling and the intimate, "beautiful moment" behind it.

"It was really just this moment where Billy looked at me and said 'Do you wanna marry me?' He didn't get down on one knee or anything," Firerose, 34, revealed of the country singer's proposal. "He said, 'I love you. I wanna make this official. I wanna be with you forever.'"

Cyrus, 61, took their relationship to the next level with an 18k white gold engagement ring, featuring a round brilliant cut diamond with a center stone, held by a 4 prong V Head Center diamond accented with additional round diamonds.

Firerose first teased the milestone on Sept. 14 with an Instagram photo of herself glimpsing her decked out ring finger. Another Instagram selfie shared on Oct. 18 gave a closer look at the diamond.

Firerose's new bling shines just as bright as their romance. The Australian native tells PEOPLE that although neither had "expected or planned on" their deep connection, the pair were "really just enjoying each others' company."

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"We were spending every moment of every day together and really just enjoying each others' company and creating together and laughing," she shares of her relationship with Cyrus, noting that the addition of their "beautiful puppies" have turned their unit into a "little family."

Over time, Firerose also formed a close bond with Cyrus' late mother Ruth Ann Casto, whom she refers to as "Ruthie."

"It wasn't even a question for me," she adds on the engagement. "At that point we were dealing with the illness of Billy's mom, Ruthie, who I had become extremely close to and who I love with all my heart. She kind of already welcomed me into the family in this way that was so profound. I just could not believe that this beautiful woman –— you know of everything that her son had ever been through — that she was able to embrace me with the open heart that she did," Firerose shares with PEOPLE.

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Cyrus and Firerose actually met 12 years ago on the set of Hannah Montana, where the former Disney Channel actor would take breaks on the lot with his late German Shepard Tex. Cyrus thinks the dog played matchmaker, as he's who led Firerose over to him that day.

The two kept in touch, Firerose calling their friendship "so solid over the years."

With music tying them together, they released their single "New Day" in July 2021 and "Time," for his new film Christmas in Paradise.

A source confirmed with PEOPLE in September that the two had "been dating for a little while," adding, "It is what it is. He and Tish were over before he started dating her."

Cyrus had been in a rocky patch with the passing of his mother and his separation from his now-ex wife Tish with whom he shares daughters Miley, 29, Brandi, 35, and Noah, 22, and sons Trace, 33, and Braison, 28. The two officially split in April after 28 years of marriage and two previous divorce filings.

However, Cyrus is now in a "good" place and that's in part to Firerose. "She brings me balance."