Zendaya was a picture of old Hollywood glamor at the Golden Globe Awards on Sunday night. She appeared in an elegant Louis Vuitton dress with a pleated train that trailed behind her as she walked the red carpet at the Beverly Hilton in LA.

The actress, who was nominated for her performance in “Challengers” (though she ultimately lost to Demi Moore), also sported a new bob haircut — part of a look that her stylist Law Roach said was inspired by black entertainment industry pioneers like Joyce Bryant.

However, some fans were more interested in Zendaya’s jewelry — particularly the large diamond ring on her left ring finger.

It’s unclear whether the ring was a gift from boyfriend Tom Holland or just a glamorous ice cream for the evening. (In fact, the “Euphoria” star also accessorized her saffron dress with a diamond-encrusted Bulgari choker.) However, that didn’t stop some on social media from speculating that she was making a not-so-subtle engagement announcement.

“Zendaya with a diamond ring on THAT finger oh my god,” read one post on X, formerly Twitter, while another speculated: “Oh yeah she’s so engaged.”

However, others suspected that the choice of ring could be little more than a PR stunt. “Zendaya and Law will let you know first thing tomorrow that the ring is being rented,” one X user wrote.

The star’s representatives did not immediately respond to CNN’s request for comment on whether she and Holland are engaged. She has previously shut down similar speculation after she was pictured wearing a gold ring on the same finger in 2023.

Zendaya’s silk-satin bustier dress, which she paired with matching satin heels, was one of the most talked-about looks at Sunday’s Golden Globes. Roach wrote on Instagram that the look was styled “in honor of Diahann, Eartha, Dorthy and Joyce,” an apparent nod to trailblazing Black creatives Diahann Carroll, Eartha Kitt, Dorothy Dandridge and Joyce Bryant.

Inside, the star underwent a quick outfit change and was later pictured in a slinky, sequined dress. But while she removed other jewelry, the ring remained on display.

For more CNN news and newsletters, create an account at CNN.com