If you've got it, flaunt it!

Elizabeth Hurley is off the market again, after Australian cricket player Shane Warne popped the question on Saturday -- with a HUGE ring in hand!

The newly engaged actress wasted no time showing off the engagement sparkler, stepping out with Shane and her son Damian to The Alfred Dunhill Links Championship at the Kingsbarns Golf Links in Kingsbarns, Scotland yesterday.

The gorgeous ring has a giant blue stone w/ diamonds on the side ... drawing comparisons to the one Prince William gave Kate MIddleton, which belonged to his mother, Princess Diana.

Hurley and Warne have been together for 10 months. She was previously married to Arun Nayar -- but their divorce was finalized in June.

Check out more celebrity engagement rings above!
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