Kate Middleton gets Princess Diana's engagement ring

Prince William has given fiance Kate Middleton his late mother Princess Diana's engagement ring, an oval blue 18-carat sapphire ring encircled by 14 diamonds, the Daily Mail reports.

"As you may have recognized, it's my mother's engagement ring, so of course it's very special to me and Kate's very special to me now as well, and it's only right the two are put together," Prince William said at today's press conference. "It was my way of making sure my mother didn't miss out on today, and the excitement and the fact that we're going to spend the rest of our lives together."

Prince Charles proposed to Diana in February 1981 with the ring, then valued at $65,000. Usmagazine.com reports that the ring, without the history, would fetch around $150,000