Paris Hilton Says She's Keeping the $2 MILLION Engagement Ring

Paris Hilton's got some bad news for her ex ... the MASSIVE engagement ring Chris Zylka got her is staying with her, so she says, but the law is not on her side.

Paris appeared on SiriusXM's "The Jenny McCarthy Show" and dropped some tea on the $2 MILLION bling ring. She says, for reason, the jeweler received millions of dollars in free publicity ... and then went on to declare the ring stays with her.

Here's the problem ... whether the jeweler received free publicity or not is totally irrelevant. Chris is the one who bought the ring, at least that's the party line. Under CA law, if Paris called off the engagement -- which she did -- Chris has a right to get it back. It's called a gift in contemplation of marriage.

There is a wild card ... if the party line is not true -- in other words, if Chris didn't buy the ring and the jeweler fronted it to Paris -- then he has no right to the ring. But, that's not the way this whole thing was spun. There is one other scenario ... maybe Chris is willing to eat the money and he's never demanded the ring back.

BTW ... the ring's a doozy ... it's a massive 20-carat diamond, which took about 4 months to cut.