Kris Jenner
is shooting down another socially accepted fact about Kim Kardashian's wedding -- saying her engagement ring wasn't even close to costing $2 million!

"It wasn't a 2 million dollar ring," Jenner said this morning on "Today." "I mean you write it down, you say it out loud and suddenly it’s a fact ... it was not 2 mill, it was less than half of that."

She then added, "I don’t know the exact price, I didn’t buy the ring. Some of these reports get so outrageous and everybody gets so carried away."

The ring, designed by Lorraine Schwartz, features a 16.5 carat emerald cut center stone flanked by two 2-carat trapezoids ... for a grand total of 20.5 carats.

So ... who gets it now?

A very defensive Kris says "it was a gift and I don’t know ... I'm sure they wil work this out as soon as they get back. And I know Kim just plans on making very generous contributions to a really deserving charity when she gets home to trying to make that right because she feels really bad."

Believe her?

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