i would tend to agree with seadragon. you people are either in a different social strata or are showing your age - and please, i mean no offence by that.
most of the women i know think that the ring is very important, and the damond must have lots of carats, have the right cut, and be set on a platinum ring. this aint cheap. of course this is shallow, but this is what you get from a material society. i do detest this sort of person, but they exist. they are everrwhere.
jp - go with the flow and what you can afford. if this isn't good enough for the woman in your life, then perhaps she is not good enough for you.