Nadia Ferreira Shows Off Engagement Ring & Marc Anthony's Tattoo Cover-Up of Jennifer Lopez's Name

Marc Anthony and Nadia Ferreira are celebrating their recent engagement in style!

The 23-year-old former Miss Universe contestant announced the surprise news on Instagram on Thursday, posting a close-up photo of her gorgeous diamond ring to her Story with the caption, "Engagement Partyyyyy!!! 💍," tagging Anthony, 53, in the snap.

"Nadia's enormous diamond looks to be an emerald cut flanked on either side by tapered baguette diamonds," Mike Fried, CEO of The Diamond Pro, tells PEOPLE. "Based on initial photos, I'd estimate her gigantic center stone is 10 carats."

While Ferreira's gigantic sparkler was front and center in her engagement announcement, it's hard to miss Anthony placing his left hand – complete with a covered-up Jennifer Lopez tattoo on his ring finger, which he inked over more than a decade ago – over his new fiancée's.

Prior to revealing their big news, the pair spent the day in Miami with friends leading up to the party, dined and partied on a boat, and toasted with champagne, per Ferreira's Instagram Story.

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The party, which took place at Sexy Fish in Miami, was reportedly held as a celebration of the model's 23rd birthday, which was May 10.

"They dined on a lavish dinner of sushi, oysters and caviar and appeared to be in an extremely celebratory mood, hugging and kissing throughout the night at an opulent table surrounded by friends," a source told PEOPLE.

"But the surprise came at the end of the dinner, when Nadia, wearing a skin-tight white dress, posted a picture on her IG showcasing a stunning diamond engagement ring with the caption 'Engagement Partyyyyy' with a ring emoji," continued the source.

Anthony and Ferreira sparked romance rumors following an outing in Mexico City earlier this year, and they confirmed their relationship via Instagram with a selfie taken on an airplane in March.

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Prior to his relationship with Ferreira, Anthony had been married three times. He tied the knot with former Miss Universe Dayanara Torres in 2000, and the pair welcomed two sons, Cristian and Ryan, before splitting in 2004.

The same year, Anthony began dating Jennifer Lopez, and the pair married in July 2004 before having twins, Max and Emme. They announced their split in 2011, and the divorce became final in 2014, but the exes remain cordial co-parents to this day.

Anthony then married model Shannon De Lima in November 2014. The pair separated two years later before announcing their divorce in December 2016 and finalizing the split in February 2017.