Mariah Carey James Packer
Lawrence Ho (2nd-L), chief executive officer of Melco Crown Entertainment, his wife Sharon, singer Mariah Carey (2nd-R) and Australian billionaire James Packer (R), co-chairman of Melco Crown Entertainment, pose on the red carpet before the opening ceremony of Studio City and the premiere of the short film "The Audition" in Macau, China, October 27, 2015. Reuters/Tyrone Siu

All eyes were on Mariah Carey and James Packer as they arrived hand-in-hand at the G’Day USA gala in Los Angeles. Packer and Carey walked the red carpet at the annual event in downtown Los Angeles Thursday night.

Carey, who was wearing a black gown, flashed the 35-carat wonder, her diamond engagement ring from fiancé Packer. It is speculated that the ring is worth US$5 million (AU$7.02 million). Carey and Packer gracefully walked past the media.

Casino billionaire-turned-film producer Packer popped the question to Carey about a week ago. However, the diamond ring sparked rumours of their engagement back in December 2015 when the two met in Melbourne to celebrate New Year’s Eve after holidaying in Aspen, Colorado.

Carey’s relationship with Packer has been the talk of the town lately. In November 2015, it was rumoured that Carey had moved in with her billionaire boyfriend. They were in Aspen to celebrate Christmas 2015. Despite the cold weather there, the 45-year-old singer still managed to strip down to a gold bathing suit and posed in the freezing snow. Click here to see the photo which was posted on Carey’s official Instagram account.

The G’Day USA event honours several Australians of distinction every year. This year, it is honouring director George Miller with a lifetime achievement award. His latest film “Mad Max: Fury Road” has been nominated for best picture at next month's Academy Awards.

Miller, too, has a chance of taking home the award for best director. “Mad Max: Fury Road” has already won Best Picture at the Australian Film Institute and Critics Choice awards.

There were top political personalities in attendance including Australia’s present Consul-General in Los Angeles Chelsey Martin, the new Australian ambassador to the US, Joe Hockey, and Australian Foreign Minister Julie Bishop.

According to The Sydney Morning Herald, VIPs who were present included Seven Network chairman Kerry Stokes, Village Roadshow chief executive Greg Basser, Australian-born US television industry veteran David Hill and American director/producer Brett Ratner.

The event featured a menu by American chef Neal Fraser and Australian chef Neil Perry. Rachael Griffiths and Toni Collette hosted the event.