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French Montana isn't pinching his pennies when it comes to spoiling his royal bride-to-be, Sheikha Mahra ... TMZ Hip Hop can confirm he dropped more than a million dollars on the engagement ring alone!!!

NYC's Eric the Jeweler of Mavani & Co. carved out French's engagement ring after the hip hop superstar contacted him a few months ago ... and the end result is a beaut!

The ring holds an emerald-cut shape, weighing 11.53 carats. The total hand ornament price comes in at $1,050,000 ... talk about "mac wit da cheese!!!" Instagram / @_xtianna_

TMZ Hip Hop broke the story ... French and Sheikha got engaged in June after spending a whirlwind year together. He's already met the family -- which is loaded with billions!!!

But do remember, French is the highe

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