Cristiano Ronaldo was dressed for the occasion in Dubai over the weekend.

The Portuguese international donned the most expensive watch Rolex has ever made, valued at nearly half a million dollars, at a soccer conference at the Madinat Jumeirah resort on Saturday, before collecting his sixth award for men’s player of the year at the Globe Soccer Awards.

According to the Daily Mail, Ronaldo was sporting the rare Rolex GMT-Master II Ice, a timepiece made with 18-carat white gold and 30 carats of diamonds.

He completed the look with a custom engagement ring valued at $262,000 and a diamond wedding band valued at $65,400, the Daily Mail reported.

Ronaldo would have had no problem paying for the jewelry - a social-media firm estimated that he earned $47.8 million from Instagram alone over the past year.

The Hopper HQ study, recently published on Buzz Bingo, listed the 34-year-old as the platform's highest earner, receiving an average of $975,000 per sponsored post.

His earnings on the platform far eclipsed those of some of the world's biggest celebrities, including Kylie Jenner, Selena Gomez, and Emily Ratajkowski.

The total figure also surpassed his Juventus salary, which is $34 million, according to Goal.com.

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"Ronaldo is the most followed human on Instagram (with 186 million followers) so companies are paying almost $1 million for posts to access his insane reach," Nicola Cronin, a Hopper HQ marketing executive, told Business Insider.

"Due to his status as a celebrity and football star, his earnings from Instagram break away from typical influencer partnerships, as many of his promotional posts will be part of wider sponsorship deals, such as Nike.

"You only need to go on his Instagram to see how many paid partnerships he does outside of the sports market."