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Nick Young I Lost Iggy's Ring Let's Get that Insurance Money!

6/29/2016 6:16 AM PDT

Nick Young -- I Lost Iggy's Ring ... Let's Get that Insurance Money! (VIDEO)

EXCLUSIVE

How do you LOSE a gaudy $500,000 diamond ring? Ask Nick Young ... 

The NBA star hit up The Nice Guy in WeHo Tuesday night -- along with his Lakers teammate Jordan Clarkson -- when we asked what he did with the engagement ring he got back from Iggy Azalea

His response? He "lost" it ... to collect the insurance money! 

Clearly, he's joking ... wonder if Iggy's laughing? 

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