Kanye West: Why He Wants To Design North A Princess Cut Diamond Ring

North West is Daddy's little girl! HollywoodLife.com has learned that Kanye West is 'incredibly thankful' for his daughter, and so he's designing a super-lavish piece of jewelry for her!

, 36, likes to live a fancy life - and his gifts for his little girl , 1, are no exception. A source tells HollywoodLife.com EXCLUSIVELY that Kanye wants to be 'the first man to put a ring on his girl's finger,' so he's creating a 'one-of-a-kind diamond ring' for North to wear on her teeny-tiny ring finger!

Kanye West: North West's Diamond Ring - His Plans For Her Princess Cut Ring

North is only 16 months old, but her daddy is already designing her a custom-made diamond ring for her!

'He's in the process of designing her a one-of-a-kind diamond ring for her to wear on her wedding finger. It symbolizes dada's love for his little angel,' a source tells HollywoodLife.com EXCLUSIVELY. 'Call him crazy, but that's what he's doing. He says it's going to be princess cut with her name engraved in the band and will have the biggest diamond on it that she can possibly carry on her little finger.'

Kanye's no stranger to haters. He won't listen those who think the gift is too extravagant for a child. 'He doesn't care. He will be the first man to put a ring on his girl's finger. He's waiting until she gets a little older and will have Lorraine make it to fit her little finger,' our source spills.

Take Our Poll

Lorraine is Lorraine Schwartz, the jeweler who made Kim Kardashian's wedding ring! Kanye wants to make this ring to show how much he loves North.

'He will do nothing short of spoiling her because that's what he wants to do,' our source says. 'That little girl means everything to him and there's not a limit on what she can have. He's lucky to be doing it and incredibly thankful, too.'

North West Has A Stylist & Tailor To Get Mommy & Me Outfits Made

As we previously reported, a source close to Kanye and Kim told that North has TWO people to style her. 'The tailor, who is also paid to act as North's stylist, works with Kanye and Kim's styling team to create the toddler's looks. Some are collaborations or commissions to designers themselves, and others created in-house,' the source said.

What do YOU think about Kanye's gift to his daughter, HollywoodLifers? Let us know!

- Megan Ross, Reporting by Eric Ray More North West News: Bruce Jenner: North West Calls Him 'Mama' Kim Kardashian Rocks Custom North West Rings - See The Pic Kim Kardashian Defends Herself: 'I Didn't Forget My Daughter' At Hotel