Jessica Biel and Justin Timberlake in 2011
02/19/2012 at 06:00 PM EST
flaunted a very special accessory while out celebrating in New York City Saturday night.
More than a month since news broke of her engagement
to Justin Timberlake
, the actress was spotted wearing what appeared to be her engagement ring – and getting cozy with her man – at a Saturday Night Live
This would mark the first time Biel went out in public with her sparkler – never mind a rare public display of affection for the couple who don't often step out together
Biel, 29, and Timberlake, 31, "were very lovey all night and kissed a few times," a guest at the Ristorante Asellina party tells PEOPLE.
The couple, who started dating
in 2007, celebrated Timberlake's appearance on SNL
as Grammy-winning folk sensation
Bon Iver with guests such as Evan Rachel Wood
and rumored fiancé
Jamie Bell, Sports Illustrated cover girl
Kate Upton, David Alan Grier, Seth Meyers, Chloë Sevigny, Natasha Lyonne, Andy Samberg, Jason Sudeikis, Philip Seymour Hoffman, Kenan Thompson and the show's host and alum, Maya Rudolph.
Also spending time with the couple: former SNL
star Amy Poehler and current cast mate Kristen Wiig, who, according to the source, "loved the ring and chatted [Biel] up about it."
A rep for Biel could not be reached for comment.