Naomi Watts was spotted on a downtown stroll in New York and-- what is that she had displayed prominently on her left hand (see thumbnails)?! We think that this piece of bling could most certainly be a diamond, which means that Liev Schreiber must be planning to make an honest woman of Naomi, finally.

Now we've heard these rumors in the past, but this isn't the ring's first appearance this week. . . could this be IT? (Are we thinking yea or nay on this dress, btw?)