Ariana Grande isn't keeping the ring.
The couple went their separate ways over the weekend, four months after news broke that Davidson proposed to Grande in June.
ET learned at the time that the ring cost $93,000, and was commissioned by New York City jeweler Greg Yuna (aka Mr. Flawless). A source close to the couple told us that the ring is a custom design, featuring a VVS1 clarity 3.03 carat diamond set in platinum, which took the jeweler two weeks to create.
Grande and Davidson continued to demonstrate their love for each other over the next few months with plenty of PDA and matching tattoos, and in September, they got their first pet together: Piggy Smallz.
"Can I just say, this girl, she was like, 'I want a pig!' And then an hour later it was just there," Davidson revealed of their four-legged friend on "Late Night With Seth Meyers" in September. "Like I'm still trying to get a Propecia refill for the last two weeks and this chick got a pig in a f--king hour."
The pair's love for their pig wasn't enough to keep them together, however. A few factors went into Grande and Davidson's split, ET's source says, but also notes that a reconciliation isn't out of the realm of possibility.
"Ariana has been going through a lot with the death of her ex, Mac Miller, her album launch and promotions and her newer relationship with Pete. Ariana and Pete decided for now the couple needed space, as they've been together non-stop since they started dating," the source shares.
"There is a possibility the couple could get together as they really care for one another, but right now they just needed to step away and regain some clarity on their wants and needs."