NYPD said one of its officers saw the scene unfold, rescued the ring, cleaned it up and would like to return it to the couple.
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.
"WANTED for dropping his fiancee's ring", the NYPD joked in a post on Twitter, which went on to appeal for information about the couple.
Eventually, they found it.
The cops released surveillance video of the pair crouching down on the sidewalk and peering desperately into the grating outside 2 Times Square.
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Luckily, the NYPD has managed to retrieve the trinket and are now looking for the couple to give it back.
According to police, the would-be groom was so excited after popping the question that he dropped his fiancée's ring on Friday evening before she could put it on.
They are now asking the public to help them find the newly engaged couple.
More than 350,000 people visit Times Square in midtown Manhattan, known as "The Crossroads of the World", every day.