Jeff Bezos and Lauren Sánchez Show Off Engagement Ring: Photos

Sánchez was seen rocking a diamond sparkler over the weekend as the couple vacationed together in the South of France

Jeff Bezos and Lauren Sánchez are showing off her new engagement ring!

The Amazon founder and the Emmy-winning journalist and helicopter pilot — who are engaged, a source confirms to PEOPLE — were photographed together over the weekend smiling on his $500 million yacht at the Cannes Film Festival.

Bezos, 59, wore a simple black shirt and pants while Sánchez, 53, opted for a white tank top with a beige skirt and was seen rocking a diamond sparkler on that finger. (Experts estimate that it could be between 25 and 30 carats!)

The pair made an appearance at the annual film festival on Saturday for the premiere of Martin Scorsese's Killers of the Flower Moon, an Apple Original Film starring Leonardo DiCaprio — and were seen at the event alongside Apple CEO Tim Cook.

Recently, the pair been spending a lot of time together on the billionaire's new yacht, which features a wooden sculpture made in the likeness of Sánchez. Attached to the ship's prow, the design includes a necklace featuring the symbol for Koru, which is Māori for loop or coil. It's based on the spiral shape of an unfurling silver fern frond — a symbol that is special to the couple.

Koru symbolizes new beginnings — which Bezos has cited before on his Instagram — and a new phase of life, positive change, personal growth, and hope for the future.

Bezos posted a photo of Koru on Instagram on New Year's Day in a slideshow of pictures from his disco party celebration.

"The new year is also a great time to take stock and focus on personal growth, renewal, rebirth, and paying careful attention to each moment of your life," he wrote at the time. "The good and the bad. All of it. Celebrate and grow."

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Opening up about their life together in January, which marked her first solo interview since they couple went public with their relationship in 2019, Sánchez told WSJ. Magazine that Bezos "makes me laugh all the time" and "can be goofy.""We love to be together and we love to work together," she added. "We fly together. We work out together. We're together all the time."

They also share a commitment to philanthropy.

Echoing comments Bezos previously made to CNN about how he planned to give away most of his $124 billion fortune, Sánchez told the newspaper they put a lot of work into "strategic giving."

"You want to give money away and you want to know that it's helping people and it's going to continue to help people, and that it's going to the right places," she said. "You could give it not-strategically. You can just give it away! But, we take it seriously."