“A dazzling movie star deserves a dazzling ring – and Penélope Cruz didn’t disappoint Sunday night. But was it an engagement ring? Or simply a conversation piece?

Whichever, all eyes were on the Spanish star at the premiere of director Pedro Almódovar’s Broken Embraces on Sunday’s closing night of the 47th New York Film Festival at Lincoln Center, where Cruz, 35, wore what appeared to be a knuckle-sized sapphire surrounded by small diamonds on her ring finger.

“She has achieved a very handsome, good boyfriend, two Oscar nominations, one Oscar and the respect and admiration of her profession,” Almódovar, 60, said.

But Cruz didn’t speak about what, if anything, the ring signifies, preferring instead to talk about Almódovar’s generosity to his actors rather than boyfriend Javier Bardem’s generosity with jewelry. (A source close to the actress also declined to address the ring’s significance.)”

I think that Penelope Cruz is definitely a smart woman. And she’s been in the spotlight long enough now to not pull stunts that would get the rumor mill churning. Or so I thought. But is there any truth to the rumor? Well, the fact that no one is talking makes me really think that this could be a road on the way to nuptials. And combined with the fact that these two do have a history of keeping things secret seems to confirm it even more. Yep, I think they’re engaged for sure!

Penelope Cruz

“Penelope Cruz doesn’t want to publicly show off her relationship with Javier Bardem, but he’s showing her off to his family. One onlooker told us, He took Penelope for a spin on the dance floor in front of all his family. It’s getting pretty serious.”

They were both seen at the Academy Awards this year. Cruz was undoubtedly there to support her man, who was a part of the Best Picture winner No Country for Old Men, but they did walk the red carpet separately.

Who knows if this is just another one in of Cruz’s long line of men or if it’s going to turn out to be something quite serious. Maybe keeping it secret for awhile helped them in the long run.

Performance by an actor in a leading role
George Clooney in “Michael Clayton” (Warner Bros.)
Daniel Day-Lewis in “There Will Be Blood” (Paramount Vantage and Miramax)
Johnny Depp in “Sweeney Todd The Demon Barber of Fleet Street” (DreamWorks and Warner Bros., Distributed by DreamWorks/Paramount)
Tommy Lee Jones in “In the Valley of Elah” (Warner Independent)
Viggo Mortensen in “Eastern Promises” (Focus Features)

Performance by an actor in a supporting role
Casey Affleck in “The Assassination of Jesse James by the Coward Robert Ford” (Warner Bros.)
Javier Bardem in “No Country for Old Men” (Miramax and Paramount Vantage)
Philip Seymour Hoffman in “Charlie Wilson’s War” (Universal)
Hal Holbrook in “Into the Wild” (Paramount Vantage and River Road Entertainment)
Tom Wilkinson in “Michael Clayton” (Warner Bros.)

Performance by an actress in a leading role
Cate Blanchett in “Elizabeth: The Golden Age” (Universal)
Julie Christie in “Away from Her” (Lionsgate)
Marion Cotillard in “La Vie en Rose” (Picturehouse)
Laura Linney in “The Savages” (Fox Searchlight)
Ellen Page in “Juno” (Fox Searchlight)

Performance by an actress in a supporting role
Cate Blanchett in “I’m Not There” (The Weinstein Company)
Ruby Dee in “American Gangster” (Universal)
Saoirse Ronan in “Atonement” (Focus Features)
Amy Ryan in “Gone Baby Gone” (Miramax)
Tilda Swinton in “Michael Clayton” (Warner Bros.)

Best animated feature film of the year
“Persepolis” (Sony Pictures Classics): Marjane Satrapi and Vincent Paronnaud
“Ratatouille” (Walt Disney): Brad Bird
“Surf’s Up” (Sony Pictures Releasing): Ash Brannon and Chris Buck

Achievement in directing
“The Diving Bell and the Butterfly” (Miramax/Pathé Renn), Julian Schnabel
“Juno” (Fox Searchlight), Jason Reitman
“Michael Clayton” (Warner Bros.), Tony Gilroy
“No Country for Old Men” (Miramax and Paramount Vantage), Joel Coen and Ethan Coen
“There Will Be Blood” (Paramount Vantage and Miramax), Paul Thomas Anderson

Achievement in music written for motion pictures (Original score)
“Atonement” (Focus Features) Dario Marianelli
“The Kite Runner” (DreamWorks, Sidney Kimmel Entertainment and Participant Productions, Distributed by Paramount Classics): Alberto Iglesias
“Michael Clayton” (Warner Bros.) James Newton Howard
“Ratatouille” (Walt Disney) Michael Giacchino
“3:10 to Yuma” (Lionsgate) Marco Beltrami

Achievement in music written for motion pictures (Original song)
“Falling Slowly” from “Once” (Fox Searchlight) Music and Lyric by Glen Hansard and: Marketa Irglova
“Happy Working Song” from “Enchanted” (Walt Disney): Music by Alan Menken; Lyric by Stephen Schwartz
“Raise It Up” from “August Rush” (Warner Bros.): Nominees to be determined
“So Close” from “Enchanted” (Walt Disney): Music by Alan Menken; Lyric by Stephen Schwartz
“That’s How You Know” from “Enchanted” (Walt Disney): Music by Alan Menken; Lyric by Stephen Schwartz

Best motion picture of the year
“Atonement” (Focus Features) A Working Title Production: Tim Bevan, Eric Fellner and Paul Webster, Producers
“Juno” (Fox Searchlight) A Dancing Elk Pictures, LLC Production: Lianne Halfon, Mason Novick and Russell Smith, Producers
“Michael Clayton” (Warner Bros.) A Clayton Productions, LLC Production: Sydney Pollack, Jennifer Fox and Kerry Orent, Producers
“No Country for Old Men” (Miramax and Paramount Vantage) A Scott Rudin/Mike Zoss Production: Scott Rudin, Ethan Coen and Joel Coen, Producers
“There Will Be Blood” (Paramount Vantage and Miramax) A JoAnne Sellar/Ghoulardi Film Company Production: JoAnne Sellar, Paul Thomas Anderson and Daniel Lupi, Producers

Adapted screenplay
“Atonement” (Focus Features), Screenplay by Christopher Hampton
“Away from Her” (Lionsgate), Written by Sarah Polley
“The Diving Bell and the Butterfly” (Miramax/Pathé Renn), Screenplay by Ronald Harwood
“No Country for Old Men” (Miramax and Paramount Vantage), Written for the screen by Joel Coen & Ethan Coen
“There Will Be Blood” (Paramount Vantage and Miramax), Written for the screen by Paul Thomas Anderson

Original screenplay
“Juno” (Fox Searchlight), Written by Diablo Cody
“Lars and the Real Girl” (MGM), Written by Nancy Oliver
“Michael Clayton” (Warner Bros.), Written by Tony Gilroy
“Ratatouille” (Walt Disney), Screenplay by Brad Bird; Story by Jan Pinkava, Jim Capobianco, Brad Bird
“The Savages” (Fox Searchlight), Written by Tamara Jenkins