Oh, wonderful: here’s something that will be blaring at you from magazine covers in the checkout line for the next year.
A source tells PEOPLE that Hilton, who just celebrated her 30th birthday, accompanied Waits to luxury jewelry store Jacob & Co. in New York on Friday, where the duo checked out some serious bling.
"They shopped for engagement rings," the source says. "They were really cute together. Paris was making comments about the rings and joking that her ring has to be at least 24 carats."
Although the lovebirds – who began dating last summer – did not leave with an engagement ring, Hilton did not leave empty-handed.
"She walked out sporting a $25,000 white gold and black diamond encrusted ring," the source says.
Sometimes a girl just has to splurge a little, y’know? Sometimes that extra 25K is just burning a hole in your purse.
Cy needs a job; being Mr. Hilton will probably keep him busy. But first, some minor legal difficulties:
A complaint filed (last January) charges 35-year-old Cy Waits with a felony of being under the influence of marijuana, and misdemeanor driving under the influence and possession of marijuana.
The former nightclub mogul could face up to four years in prison on the felony charge. Police say an officer stopped the SUV Waits was driving Aug. 27 after smelling marijuana smoke coming from the vehicle.
Waits was reportedly relieved of his managerial duties at the Wynn Las Vegas and Encore following the arrest.
That’s their mug shots up there. Presumably they’ll sit for a more formal portrait at some point.