True or False? Barack Obama is giving Michelle a $30,000 ring.

Reports have been made about Barack Obama giving his first lady a very expensive ring as a thank you gift. It is said that the Harmony ring he is giving Michelle Obama is made of rhodium and encrusted with diamonds. Rhodium, sometimes called "black gold," is the world's most expensive metal. Only about 25 tons of rhodium are mined each year, mostly in South Africa, and as a result its price is typically around $7,000 an ounce.

The New York Post made reference to our failing economy when mentioning Obama's expensive gift to Michelle. But, is the confirmation from the Italian designer true or false? I've read other stories contradicting the reports and clearly stating that it simply untrue.

Nita Michelle

Phasellus facilisis convallis metus, ut imperdiet augue auctor nec. Duis at velit id augue lobortis porta. Sed varius, enim accumsan aliquam tincidunt, tortor urna vulputate quam, eget finibus urna est in augue.