Yes I think the ring dates back into the 13th or 14th century when some duke or earl was advised that he should present his betrothed with a ring of gold capped with a diamond as his promise to make her his wife.
I am just one to follows along in this long tradition. I believe that the symbol of the never ending ring is important to me. It was my wish to get her the ring.
Perhaps I am just a old dog for tradition as I feel it is nice to give the lady a ring. I think it shows some good intention and care taking time to chose one that she like on your own.
Price yes pianomom I agree people go overboard far too often. I bought my wife's ring at a jeweler who was going out of business got a real good deal. We both went back to the same place later and bought our wedding bands last day before they closed the doors. 50% off the 80% reduction. Sweet deal that was.
My wife still is very happy on that purchase she is much like you pianomom in that respect.