What would it take to fix stretched skin around navel piercing? (Photo)

I had a belly button ring as a teenager. I took it out for good when I was 19 and got pregnant the when I was 22. I have had 2 pregnancies and both were large babies. Now the little area of skin between my noel and the piercing hole is very stretched out. I'm curious to know what kind of treatment would be done to fix this and generally how much would a procedure like that cost?

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