[EDITED: Dec. 02, 2008 11:16 AM (scroll down)]

While the rest of the country is mired in a recession, Barack Obama plans to buy his wife Michelle a $30,000 diamond rock encrusted ring to thank her for supporting him.

It is being reported that President-elect Barack Obama is buying his wife a new ring for her support during the election.

A spokesperson for top Italian designer Giovanni Bosco allegedly said that President-Elect Barack Obama is looking to purchase a $30,000 Harmony ring made of rhodium and encrusted with diamonds as a thank you gift to Michelle.

The future First Lady is expected to receive the ring just in time for her husband’s January inauguration ceremony. (Source)

Well isn’t that special? At least now we know what he’s doing with some of that $600 million he raised during his campaign.

I guess thanking the little people who helped get HIM elected by putting together a stimulus package to help them keep their homes, is too much to ask?

Here is a hurried statement from the jeweler who sounds very shook! I’m sure he got an earful from Obama’s goons for leaking the details of the ring to the media. Notice he doesn’t deny the existence of said ring. Just says he’s not talking about it anymore …

Enrico Gamba, said via email:
I regret to inform you that because of reports so wrong and clearly different from the reality of our statements, we decided to not issue statement on this matter.

Unfortunately, we were negatively affected by national and foreign media news stories that have no basement[sic], and in excess of the objective reality. I inform you that we have no intention to disseminate more information about this story.

Sounds like some serious damage control to me. I guess the media just pulled that $30,000 figure out of the air? The fact is Enrico should not have “disseminated” the information about the ring to the media in the first place.

By the way, in case you don’t believe the price:

Rhodium is one of the world’s rarest and most precious metals, only about 25 tons of rhodium are mined each year, setting the price at over $7,660 per ounce — or about ten times the cost of gold.