I would not blame the lacing, looks like the thin part of the reinforcing ring is cracking off for some reason, perhaps the reinforcing ring side is too thin on that particular one?
If it is under warranty, I would have it fixed. If past warranty, the thin part of the ring is mainly used to hold the ring from slipping inwards too far, in other words holds it in place. The thicker part that has the larger diameter is the important part and that does not appear to have cracked. That said, if the metal is that weak, perhaps it is a broader concern that the ring has a problem?
On the right of the photo, it looks like a bit of the thin part of the ring previously split off too and is no longer attached.
