Iggy Azalea's New BF Taunting French Montana with Her Bling

Iggy Azalea's new guy is dissing French Montana hard by flaunting the diamonds French paid for -- or so it seems ... to French and anyone else with eyes.

Music producer Ljay Currie -- the guy Iggy was all over down in Mexico -- posted a photo with her dogs and some diamonds on his pinky. If the ring looks familiar it's because Iggy was flashing some ice that looks just like it.

French bought Iggy the rocks back in September.

Ljay's pic was posted last week -- before he and Iggy went public -- but we're told Iggy and French broke up right before the New Year. So, Ljay had to know the pic would piss off her ex. He even captioned it, "Bitch I'm a dog, Roof."

French reacted Tuesday on Twitter -- "Play with my emotions I'm shoot your punk Asss ... lol"

You damn well know he's not really LOL-ing.