CNN  — 

Zendaya was a picture of old Hollywood glamour at the Golden Globe Awards on Sunday evening, arriving in an elegant Louis Vuitton gown with a pleated train that swept behind her as she walked the red carpet at LA’s Beverly Hilton.

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

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

Zendaya's diamond ring set the Tom Holland engagement rumor mill into overdrive.

It is unclear whether the ring was a gift from boyfriend Tom Holland or just some glamourous ice for the night. (Indeed, the “Euphoria” star also accessorized her saffron gown with a diamond-encrusted Bulgari choker.) That did not, however, 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 omg,” read one post on X, formerly Twitter, while another speculated: “Oh yeah she’s so engaged.”

But others suggested that the choice of ring may be little more than a PR stunt. “Zendaya and Law about to let y’all know that ring is a rental tomorrow,” wrote one X user.

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

Zendaya, pictured with "The Bear" star Ayo Edebiri, changed outfits later in the evening, though the ring remained on display.

Zendaya’s silk satin bustier gown, which she paired with matching satin heels, was among 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 reference to groundbreaking Black creatives Diahann Carroll, Eartha Kitt, Dorothy Dandridge and Joyce Bryant.

Once inside, the star underwent a quick outfit change and was later pictured in a slinky sequined gown. But while she removed other items of jewelry, the ring remained on display.