Miraculously, the ring was eventually recovered by ESU members who returned to the scene Saturday morning.
His fiancée (although we don't know if she actually said yes) puts her hands to her face when she realises what has happened.
"The NYPD is now looking to find the couple, describing the male as being 5'8"-5'9" with short brown hair and a manicured beard and the female is 5'5" with blond hair.
US Police have an urgent message for the couple who lost their engagement ring in Times Square: We have the ring.
NYPD Commissioner James O'Neill urged twitter to "do its thing" and reunite the couple with their ring.
The couple asked local police officers for help. "Our @NYPDSpecialops officers rescued it & would like to return it to the happy couple".
Known as "The Crossroads of the World", the square is one of New York's most famous tourist attractions.
The New Year's Eve celebrations in Times Square attract over a million visitors from the USA and around the world every year.