Katy Perry was spotted wearing a heart-shaped ring on Valentine's Day sparking rumors that boyfriend John Mayer may have asked Perry to marry him, but these allegations have not been confirmed or addressed by the singer's representatives.

Perry, 28 and Mayer, 35 were photographed leaving a Los Angeles Italian restaurant called The Cut and Perry was wearing the heart-shaped ruby ring on her ring finger. According to reports, Rubies were laid beneath the foundation of buildings inAsian countries to secure good fortune to the structure.

The ring was reportedly designed by Santa Barbara-based jeweler Daniel Gibbings. A representative for Gibbings confirmed to People Magazine that Mayer was "really super nice" while shopping for the ring. The magazine reports that Mayer "selected" the ring himself.

It is not known what the price of the ring was but it is likely it may have cost between $4,000 to $5,100 dollars.

The price of the heart-shaped ruby ring is not listed on the designer's website. However, a similar 20K gold ring with an oval faceted rubelite center stone and ruby accents sells for $4,825.00 and a 20K gold ring with texture, bezel set rubelite center stone, ruby scallop detail and white diamond accent sells for $5,100.00, (before tax).

Rubies are highly regarded as precious in Asian countries. They were used to ornament armor, scabbards, and harnesses of noblemen in India and China.

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