Inside Jeff Bezos and Lauren Sánchez's 'Romantic' Engagement Trip: 'Jeff Kept It a Complete Surprise'

Jeff Bezos and his now-fiancée Lauren Sánchez have been enjoying a very special summer getaway — and a source tells PEOPLE the couple always "knew this day would come"

<p>Lauren Sanchez/Instagram</p> Jeff Bezos and Lauren Sánchez

Lauren Sanchez/Instagram

Jeff Bezos and Lauren Sánchez

It's been a vacation to remember for Jeff Bezos and Lauren Sánchez!

The Amazon founder, 59, and the Emmy-winning journalist and helicopter pilot, 53 — who are engaged, a source confirmed to PEOPLE on Monday — debuted her engagement ring aboard his $500 million yacht in the South of France over the weekend.

“Everyone is thrilled and so excited for them,” a source tells PEOPLE. “They see how madly in love they are."

As news of the engagement spreads, the insider adds of the proposal: "They knew this day would come, but Jeff kept it a complete surprise. It was so romantic.”

Here’s what the happy couple has been up to during their romantic summer getaway.

Related: Jeff Bezos and Lauren Sánchez&#39;s Relationship Timeline

Soaking Up The Sun

On May 15, the happy couple was spotted sunbathing on Bezos’ new $500 million superyacht. The pair was photographed together while sailing around Mallorca in Spain.

The luxury 417-foot-long boat, named Koru, is believed to be the largest sailing yacht in the world. It comes with three towering masts, several decks (including one with a pool) and a supporting 250-foot-long yacht with a helipad, according to Boat International.

Also onboard the boat is a wooden sculpture that resembles Sánchez. The sculpture is wearing the symbol for Koru, which is Māori for loop or coil, and is based on the spiral shape of an unfurling silver fern frond — a symbol that is special to the couple.

<p> Karwai Tang/WireImage</p>

Karwai Tang/WireImage

Related: Lauren Sánchez &#39;Keeps Playing&#39; with &#39;Huge&#39; Engagement Ring from Jeff Bezos: &#39;She Loves It,&#39; Says Source

Quick Stop in Ibiza

A source told PEOPLE that the couple “stopped for lunch in Ibiza” in the middle of the week “before continuing on to France” for the weekend.

"They have been in a great mood and are obviously enjoying their trip," the source said. "When they first arrived in Spain, Lauren especially seemed giddy with excitement as they toured the yacht.”

Related: Jeff Bezos, in Joint Interview with Lauren Sánchez, Says He&#39;ll Give Away Most of His $124 Billion Fortune

Staying in the South of France 

Bezos and Sánchez were seen out and about in the South of France that same week. As they strolled together outside, the billionaire was even seen giving her a pat on the butt.

Over the weekend the couple also attended the premiere of Apple Original Films' Killers of the Flower Moon at the Cannes Film Festival.

Related: Lauren Sánchez Says Life with &#39;Goofy&#39; Jeff Bezos Includes Flying, Workouts, Donating Billions and Pancakes

AbacaPress / Jeff Bezos and Lauren Sánchez
AbacaPress / Jeff Bezos and Lauren Sánchez

Showing Off Her New Bling

Sánchez was photographed wearing her engagement ring over the weekend while standing on Bezos’ new boat. Jeweler and expert Briony Raymond told PEOPLE this week that the ring appears to feature a “25-30 carat” diamond set in “an ultra-classic four prong platinum mounting.”

"He proposed last week," said a source close to the couple. "They're on cloud nine — so happy and madly in love."

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"Her engagement ring is beyond stunning. And huge! She keeps playing with it and looking at it," remarked one insider. "You can tell she loves it."

Hitting the Town

Bezos and Sánchez were seen enjoying night out together on Tuesday, the day after PEOPLE confirmed their happy engagement news.

Sánchez wore a white sparkly mini-dress with pearl beaded embellishment and slits up both sides of the short skirt. Meanwhile Bezos kept it casual with a blue button up shirt, khaki pants and white sneakers.

One accessory that really stood out? Her engagement ring, which an expert told PEOPLE could be worth “anywhere from $3 million to upwards of $5 million.”

Related: Jeff Bezos Is Lauren Sánchez&#39;s &#39;Prince&#39; — and She&#39;s &#39;Elated&#39; About Their Engagement, Says Source

"Really in Love"

A source told PEOPLE that Sánchez’s friends “are thrilled Jeff finally popped the question,” noting that they had been talking about a proposal “for a long time.”

“They are really in love and happy which makes everyone who knows them happy,” the source said. “She found the man she wants to spend the rest of her life with and they felt the time was right."

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