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LAST UPDATE: Sunday October 12, 2008 10:10AM EDT

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Halle Berry's Ring Explained (Hint: She's Not Engaged)

By Julie Jordan

Originally posted Wednesday May 14, 2008 12:30 PM EDT

Halle Berry, wearing the ring Photo by: NCNA; Chris Weeks / WireImage (inset)

Engagement rumors have swirled after new mom Halle Berry sported a diamond ring on her left hand at an event over the weekend – but no, it's not what you're thinking.

"It's not an engagement ring," a source close to the Oscar winner tells PEOPLE. As for reports suggesting that the ring, designed by Amrapali, was a gift from boyfriend Gabriel Aubry, "Halle just saw it and thought it was beautiful so she bought it for herself."