Britney Spears Engaged! - First Look at Ring

Brit Brit is engaged! The 30-year-old singer got engaged to her 40-year-old former agent Jason Trawick last Thursday while celebrating their birthdays together. Brit began dating Jason in 2009.

Spears has two sons, Preston, 6, and Jayden, 5, with ex-husband Kevin Federline, whom she divorced in 2006.

“She’s very happy. It’s going to be a great weekend,” says a source.

Britney Spears may be a pop-star diva to the rest of the world, but to beau Jason Trawick, “she’s his everyday princess,” says celebrity jeweler Neil Lane, who designed Spears’s dazzling engagement ring to befit Trawick’s vision of the singer’s down-home regality. “Jason is a romantic and when I asked him to tell me about Britney and what the ring would represent to them so I could find inspiration, his response was always the same — she is his princess!

With that theme in mind, Lane tells PEOPLE he designed from scratch a tiara-motif sparkler with a round, perfect white diamond in a handmade platinum setting that “looks like a mini crown,” the celebrated jeweler says. He also added 90 small round diamonds around the eternity band. “Jason didn’t want an over-the-top ring with a giant stone,” he adds.

Lane believes this couple is in it for the long haul. “He’s deeply in love with her. Britney is his princess and he is her knight in shining armor,” he says. “Jason’s protective of her. He adores her. Every good fairytale needs a princess, and now Britney has a ring fit for a princess!”