It is not the same ring
A publicist for Carey has not yet responded to TheShowBuzz.com's request for comment.
Carey, 38, was previously married to music mogul Tommy Mottola from 1993 to 1998. Cannon, 27, was engaged to Victoria's Secret model Selita Ebanks for a few months last year.
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The $2.5 million Jacob & Co. diamond ring Nick Cannon gave to Mariah Carey. (LaForce+Stevens/Jacob & Co.)
Rumors that the ring Carey is wearing was originally given by Cannon to Ebanks are untrue, a spokeswoman for Jacob & Co. said.
"It's a different carat weight, and a different color diamond," Marissa Drew told TheShowBuzz.com. "It was made specifically for Mariah."
The ring is crafted from platinum and features a square emerald cut fancy light pink diamond as the center stone surrounded by 58 intense pink diamonds and two half moon diamonds on each side. The center stone alone weighs 10 carats, and the total carat weight of the ring is 17 carats. It's valued at $2.5 million.