Is Selena Gomez's New Song "Ring" About Justin Bieber Proposing?

On January 10, 2020, Selena Gomez released her third studio album Rare, and while we do love her songs about growth and moving on from toxic relationships, we’re also here to figure out which lyrics reference her famous exes, specifically Justin Beiber.
Many songs on the album have references to Selena and Justin’s rocky relationship but the song Ring has caught the eye of many fans because it alludes to the fact that Justin may have proposed to Selena at one point. It doesn’t outright say it but with lyrics like  “Got him right where the karats at. Wrapped ’round my finger like a ring, ring, ring,” it keeps fans wondering could this have been about a proposal from Justin?