Justin Bieber spends half-a-million-dollars on engagement ring for Hailey BaldwinJuly 13 (AZINS) The ring, which American Pop star Justin Bieber gifted his model girlfriend Hailey Baldwin costs $500,000 (Around Rs 34.2 crore).

According to TMZ, the owner of Solow & Co. (the company which made the ring), Jack Solow met Justin before the ring was actually bought.

The ring, which is elongated oval-shaped diamond, somewhere is around 10 carats.

Solow met Justin at his hotel in New York City to deliver it right before the young couple left for holidays in the Bahamas.

On a related note, Justin Bieber and model Hailey Baldwin are planning a small wedding in Canada, as the pop singer is a native to the North-American country.

Previously, Justin Bieber on July 10 confirmed his engagement with girlfriend Hailey Baldwin.