Jeff Bezos and Lauren Sánchez are celebrating their engagement in style.

The billionaire [Jeff], and the Emmy Award-winning journalist [Lauren], had an engagement party aboard the Amazon founder's yacht on the Amalfi Coast in Italy on Wednesday, a source confirms to PEOPLE.

The celebration took place over two months after the couple got engaged in May.

Bezos and Sánchez took their relationship public in January 2019, shortly after Bezos announced his divorce from MacKenzie Scott after 25 years of marriage.

Sánchez was also divorcing her husband of 13 years, Patrick Whitesell, around the same time. She has two children with him and a son from a previous relationship with former NFL star Tony Gonzalez.

Shortly after their engagement, a source told PEOPLE that Bezos and Sánchez "are really in love and happy which makes everyone who knows them happy."

"All of her friends say this is her dream come true. She found the man she wants to spend the rest of her life with and they felt the time was right," the source added.

In addition to showing off her engagement ring onboard the $500 million yacht, the couple have been seen spending plenty of quality time together aboard the vessel this summer.

Last week, the couple were spotted locking lips while traveling in Capri.

The boat, named Koru, is believed to be the largest sailing yacht in the world and notably has a wooden sculpture that resembles Bezos' fiancée on the prow. The sculpture bears the symbol for Koru — which is Māori for loop or coil and is based on the spiral shape of an unfurling silver fern frond — as a necklace

Since stepping down as CEO of Amazon in 2021, Bezos has focused his efforts on conservation and his space exploration company, Blue Origin.

Additionally, the pair are both dedicated to their work for the Bezos Earth Fund, an initiative they launched to help fight climate change, which Sánchez co-chairs.

During a joint interview last year, Bezos also said he plans to give away most of his $124 billion fortune in his lifetime, focusing primarily on fighting climate change and supporting others who can help improve the deep divide over social and political issues.

"The hard part is figuring out how to do it in a levered way," he said of his philanthropic strategy as Sánchez added that they make "really great teammates."