Just Engaged and Proposals

Heirloom Engagement RIng

I have a silly question :)

My fiancee's grandmother, is still alive and offered her engagement ring for him to give to me.

It is beautiful and I feel really honored. My question is what am I supposed to do?
Is there any etiquette when it comes to that? Am I supposed to thank her when I meet her? 

Thank you in advance for your answers!!

Best...Smile
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