Brady first flashed her one-of-a-kind accessory -- set on a micro pave diamond and platinum band -- during a Christmas vacation with Tyler in Maui, Hawaii, but the couple dodged engagement rumors at the time.
"Having made Steven's jewelry for so many of the past years it was an honor to be part of his future ... with all my love to Steven and Erin," Rodkin told Us Weekly in an exclusive statement confirming the pair's engagement Wednesday.
When he swaps vows with Brady, it will be the Aerosmith rocker and American Idol judge's third trip down the aisle. He was married to clothing designer Teresa Barrick from 1998 to 2006, and to Cyrinda Foxe from 1978 to 1987.
Click through to see more photos of the happy couple through the years ...