Rihanna attends the 'Rei Kawakubo/Comme des Garcons: Art Of The In-Between' Costume Institute Gala at Metropolitan Museum of ArtMike Coppola/Getty Images for People.com

Rihanna is reportedly not engaged to boyfriend and Saudi billionaire Hassan Jameel. The diamond ring that she recently flashed on her wedding finger is from her jewellery collection, according to an industry insider.

Although there was buzz in the entertainment industry that RiRi was planning to take her relationship with the Toyota heir to the next level, people close to her apparently claimed she is still not ready for it.

According to Gossip Cop, an industry insider "assured" them that the Barbadian singer and the Saudi businessman "are not engaged".

"Rihanna is known for having a large collection of rings which she regularly flaunts at events," stated the website.

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However, Daily Mail claimed that the ring could be a sign that the Diamonds hitmaker is taking a "serious turn" in her relationship mainly because she did not "make any effort to hide the ring".

The website also claimed that RiRi was in a good mood when she walked out of the Madison Square Garden after enjoying a stand-up comedy performance by Chris Rock.

Rihanna was caught on camera by the entertainment news site stepping out of the Madison Square Garden in New York City wearing a multi-coloured Dolce & Gabana puffer coat. The patchwork-style jacket was paired with a white tee and blue denim pants.

The songstress accessorised the outfit with a set a large hoop earrings, a simple neck chain, a thin silver band and a huge diamond ring with a champagne diamond in the centre. RiRi completed her look with a pair of black heels and a multi-coloured bag.