Justin Bieber is sparing no expense in showering Hailey Bieber before their baby arrives. After the Hollywood power couple announced they were expecting their first child together earlier this month, insiders say the pop star, 30, already has the perfect gift picked out for his wife, 27, to celebrate the upcoming milestone. “He loves Hailey so much,” the source gushed. “Justin’s spending $700,000 on a huge, high-quality Lorraine Schwartz diamond ring for her. She doesn’t know about it yet.” The pair have enjoyed nearly six years of married life without the pitter-patter of little feet. But now…