I don't know, it's not my rule, I just heard it from a friend once. I thought it was insane when she mentioned it. And yes, she just meant the ring itself.
I know of about 5 or 6 people who got engaged and married in the past few years. Their rings range from about $3K to $15K. It just depends on how much your wife likes to show off the ring. The engagement ring is the female equivalent of a penis measuring contest.
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