Avril Lavigne Engagement Ring 'Worth $350,000'

Avril Lavigne's engagement ring is reportedly worth a cool $350,000.

Following the shock announcement that Lavigne had accepted Nickelback frontman Chad Kroeger's marriage proposal, it has now emerged that the rocker splashed a lot of cash on the ring.

Speaking of the sparkler, jewellery expert Michael O'Connor told US Weekly: "A pear shape diamond set in platinum is a nod to vintage glamour and individuality - perfect for a rocker like Avril.

"The half-moon diamonds are also rare since they would have to be specially cut to fit on either side of the centre diamond. The centre diamond is approximately 10 carats, with an additional four carats of total side diamonds."

The couple have since been spotted celebrating their engagement in Las Vegas, with reports claiming they knocked back bottles of champagne and vodka at the 1OAK nightclub.

An onlooker told Life & Style magazine: "They went to 1 Oak Nightclub in Las Vegas on Aug. 21 to celebrate their engagement.

"Avril arrived first with a bunch of male friends and bodyguards, then Chad showed up later and met them inside. Avril was so excited to see her man.

"They were super cuddly and affectionate. They drank Dom Pérignon and Grey Goose.'She can pound the vodka."

Despite the initial surprise that the 27-year old had become engaged to Kroeger, pals have since told People that they are the perfect match.

The insider said: "They have the same values and really understand each other. They complement each other and are so happy."

Avril and Chad have since spoken of their engagement in an interview with HELLO! Canada, where Kroeger revealed: "I knew I was falling for her. It was incredibly powerful and something I'll never forget."

Lavigne - who was previously married to Sum 41 star Deryck Whibley - added: "He makes me laugh every day. He takes care of me in every way and is extremely attentive."

Avril Lavigne engaged to Nickelback frontman Chad Kroeger

It's a match made in Canadian music heaven as Avril Lavigne and Nickelback frontman Chad Kroeger announce their engagement. The Canadian musicians have been quietly dating for six months. Initially the pair were work colleagues, as Chad and Avril began collaborating on a track for the songstress's upcoming fifth album in February. 

The couple's relationship quickly escalated from friendship to love. "A romantic relationship blossomed as they spent time writing together," a source told People magazine. Chad, 37, apparently presented Avril, 27, with a 14-carat diamond ring when he proposed. According to insiders, the couple couldn't be more thrilled. "He makes her so happy," a source close to the family revealed. "Both of their families could not be more excited."

Chad has never been married before but this will be the second time Avril has walked down the aisle. Avril and her husband of three years - Sum 41 musician Deryck Whibley - divorced in 2009. Avril has most recently dated Brody Jenner but their relationship ended earlier this year.