John Drennan and Daniella Anthony tweeted on Sunday how happy and grateful they were that officers found the ring, which they thought had been lost forever. The woman is standing, hands over open mouth.
Security footage showed a man getting down on one knee over a grate in the square.
Police say they hope someone can help track down the couple so that they can return their engagement ring.
Then, almost 24 hours after it issued the call to arms - and nearly 19,000 retweets later - NYPD tweeted an update.
The couple will now liaise with the NYPD to get the ring safely returned to their home in Peterborough.
Finally, a photo of the happy couple who have thankfully been reunited with their precious ring.
Police initially said this all occurred outside the Times Square subway station, the crossroads of the world.
The hunt for a couple who lost an engagement ring moments after a proposal in Times Square is over.
A man was doing just that at the United States city's popular tourist landmark and dropped the ring he used to propose to his fiancee. And promised to share a few beers with the police officers, and, John said, they'd get a shout-out at the couple's wedding.
Comments by netizens have been largely positive, with many saying this is what they love about NY, and others praising the city's police force.
"I am licensed to practice as a Proposal Location Judge and I would rate this one as a two in regards to kneeling over a grate", another user said.
They arrived home on Sunday and said they were planning on going straight to the jewellery store to buy another ring.