Is Kat Von D Engaged to Jesse James?

Update to original post of September3, 2010): Well, it's official. Jesse James and Kat Von D are engaged, according to People. The vintage(?) diamond ring I spotted on her back in September must have been the real deal. Seems a little fast if you ask me. Hmmm...

Call me crazy, but that is, indeed, a diamond on Kat Von D's ring finger, right?

The heavily-inked artist was out in LA celebrating both the opening of her new gallery, Wonderland, and her new relationship with Sandra Bullock's lying, cheating ex - Jesse James - when photogs snapped a few close-up shots of what appears to be a lovely vintage diamond engagement ring.

While it's no surprise the tattooed twosome found some things in common, they only started dating a month ago - and James' heavily covered cheating scandal still smells like a rat.

But - hey. To each their own.

So far, they say they are just dating. But when People asked Von D if James is 'The One", she told the mag, "I believe he is, so yeah."

Hmmmm....

What do you guys think? Is this a fashion ring or the real deal? Wonder what Sandra thinks of her ex's new gal pal?