Barack Obama purchased a $30,000 diamond-encrusted rhodium ring as a thank-you gift for Michelle for supporting his two-year race for the presidency. A spokesman for the ring's designer, Giovanni Bosco, confirmed the purchase in the New York Post. The Post is calling out Barack for "bling"-ing the First Lady–elect in the crappy economic climate. Still, it's a mere one-tenth of Cindy McCain's $300,000 Republican National Convention outfit. [NYP via Jezebel]

Update: The AP is reporting Barack did not purchase the ring for Michelle after all. The story surfaced this week in London tabloids, but a spokesman for Barack said there's no truth to it. Giovanni Bosco's office in Italy also told the AP the reports were false. [AP]