BRAND NEW ON E!
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."