Hilton's ring flew off while she was dancing at a party in Miami, Florida on March 23. The 32-year-old went into panic mode, but thankfully the ring was recovered, somehow having ended up in an ice bucket several feet away.
"Paris, and her friends, are afraid she'll end up being robbed like Kim [Kardashian], because everyone knows she's got $2 million on her finger," a source close to Hilton told Page Six.
As was widely reported, in 2016 Kardashian was held hostage and robbed by armed gunmen while she was in Paris, France for Fashion Week.
"Paris DJs at clubs all over the world, so it isn't hard to find out where she will be on a particular night. Her fiancé, Chris, has been encouraging her to get a replica made with an inexpensive stone that she should wear when she's in public," the source continued, later adding, "After the ring scare on Friday, Paris agreed, and is having the replica made."
Apparently, there was also a suspicious character that Hilton felt she noticed following her around the same night as her ring went missing, which made her very uncomfortable.
"There was a weird guy hanging around who appeared everywhere Paris went on Thursday into the early hours of Friday. He didn't get too close to her group, but he was close enough to make everyone uncomfortable. We assumed he was after the ring, she's going to be taking her own security more seriously from now on," the source explained.
Hilton announced her engagement to actor Chris Zylka earlier this year and debuted the massive ring at the same time. PEOPLE spoke to Michael Greene, a diamond expert and celebrity jeweler, to get the details on the gorgeous, and very expensive ring.
"Paris at one point in time told Chris she really loved her mother's pear-shaped diamond, and when Chris came to me that was his request," Greene told the outlet. "The pear-shaped really jumped out for him and ultimately for her. He did some fishing, but in the end it was all him. He's a smart guy, and hangs out a lot with the family, and I think she realized how much she liked her mom's ring."
"Paris was not involved. Chris did it all," Greene added. "He wanted to do everything so perfectly. He wants the best thing for his princess. And he did all the right things. He told me he had to set up a time to meet up with Paris' father to ask for her hand in marriage. He did the whole thing. All the traditions."
"He wanted it before Aspen, because if the opportunity was there, which it was, he wanted to ask Paris in Aspen," the jeweler concluded. "When he came to pick it up and opened up the box he literally started shaking. He said, 'I can't stop shaking.' It was like taking a good size man and bringing him down to a boy size giggle. He's a super nice guy."
Hilton's reaction to the ring was nothing if not pure excitement. "The ring was so gorgeous and sparkling. I was shaking as I put it on," she said. "It is the most beautiful ring that I have ever seen!"