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On Thursday's episode of "The Ellen DeGeneres Show," Cyrus, 23, was asked about the ring.
"There is a photo that got a lot of attention of your engagement ring. Are you wearing it right now?" host DeGeneres inquired.
"I am," the singer confirmed, before going on to talk about vintage-style diamond ring.
"This is really weird, because this is like real jewelry and most of my jewelry is made out of gummy bears and cotton candy and they don’t look that good together because they kind of mix up. So sometimes I replace it with an actual unicorn or a Looney Tune. And [Hemsworth’s] kind of like, 'What’s going on?' I am like, 'This isn’t really my aesthetic, but I’ll wear it because you love me.'"
Ellen joked that Hemsworth "could have saved a lot of money by giving you, like, a gummy bear ring."
Hemsworth and Cyrus met on the set of the film "The Last Song" in 2009 and were engaged in 2012 before calling it off a year later.