updated 06/07/2013 AT 1:00 PM ET
•originally published 06/07/2013 AT 3:30 PM ET
The 17-year-old model daughter of Alec Baldwin and Kim Basinger was spotted wearing a ring on a special finger in N.Y.C. this week. But don’t expect wedding bells just yet.
“It is just a ring she likes, and it fits that finger,” a source tells PEOPLE.
Indeed, Ireland, who lives most of the time in Los Angeles with her mom, told PEOPLE last month that she and Trout, 18 – a professional stand-up paddle surfer based in Hawaii – have a lot to accomplish individually before they ever think about spending their lives together.
“I have never met anyone who is a more incredible person in my life,” she said. But “we both have lives to live and we both have careers and a lot of aspirations and things to do before we think about that.”