Khloe Kardashian Kisses French Montana on Yacht Amid Engagement Rumors (PHOTOS)

Khloe Kardashian was photographed kissing her boyfriend French Montana while celebrating her 30th birthday party and despite reports claiming the rapper gifted the reality star with an engagement ring, insiders claim the pair is not engaged.

On Friday, Kardashian, who kicked off her milestone birthday celebrations the night before, was spotted embracing the "Pop That" rapper aboard a luxury yacht on the Hudson in New York City. The E! star was surrounded by friends and family on her birthday and an E! Camera crew was reportedly also present to capture the birthday festivities.

French, 29, is said to have presented the reality star with a $50,000 white Wrangler Sahara Jeep on Thursday. He also gave her $30,000 in jewelry which included a 10-carat flexible ring made of 18-carat gold and Colombian green emeralds and canary diamonds which sparked engagement rumors.

"This isn't a wedding ring. It's just a cocktail ring," an employee at Raffaello & Co. in New York City told RadarOnline.com.

"French asked (owner) Gabriel (Jacobs) to design a customized ring for Khloe. She had no idea and was ecstatic and hugged and kissed him," the source revealed.

In addition to a brand new car and a stunning ring, French reportedly also presented Kardashian with two diamond grills designed for her bottom teeth. One of the grills boasts between 200 to 250 diamonds and the other is 18-carat gold.

"She loves the rap scene and can hang. They love the same music, same night clubs, they have a lot in common," a source told HollywoodLife.com.

The pair, who began dating earlier this year, are reportedly in talks about moving in together however no official plans have been made.

"It's been discussed but it's not something that either of them are seriously considering now," the source explained. "She's been there, done that and quite frankly there's no need to do all that."

Kardashian is estranged from NBA star Lamar Odom, 35, while French is separated from the mother of his son, Deen Kharbouch.