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Blake Lively, Ryan Reynolds

Alex Gutierrez

Reports about the size and price of Blake Lively's wedding ring have been greatly exaggerated.

Sure, it's still a stunner, but a source tells me it is not 12 karats.

"It's more like seven karats," the source said.

As for how much Ryan Reynolds paid for it, forget that $2 million price tag.

It wasn't exactly inexpensive, but the source says, "It doesn't cost nearly that."

As previously reported, the bauble was designed by celeb jeweler Lorraine Schwartz. "It's a personal and special ring designed by a friend," the source said referring to Schwartz. "But it's not over the top or in that price range."