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Wedding bells will soon be ringing for Mariah Carey and James Packer!

E! News has exclusively learned that she is engaged to the Australian billionaire businessman after a fairy tale romance.

Mariah's future hubby popped the big question in her hometown tonight, and he presented her with what can only be described as the most breathtaking engagement ring.

We're told that Mariah's new diamond bling comes in at around 35 carats and that no wedding date has been set just yet.

It should come as no surprise James got down on one knee for the multi-Grammy Award winner. Their love affair began just under a year ago and from the moment they started dating, "they fell head over heels in love with one another, " says an insider. "It's crazy how perfect they are together, they both know it and couldn't be happier."

The couple has been friends since 2014; first meet at a movie premiere in Aspen. As Mariah told Steve Harvey in November, "We were talking and laughing and people were getting mad at us and stuff like that. So, we hit it off." Harvey noted that James was a "lucky" guy, to which the singer replied, "I'm lucky, too."

"As soon as their friendship turned romantic, they have wanted to spend every moment together," says a source. "They have a connection that is unparalleled; it's been a very beautiful experience for them both. If you spend even five minutes with them, you can't help but believe in true love."

As for why they work so well. Says our insider: "They are just very cute together, they like doing sweet things for one another. They want to make each other happy."