Okay, we're definitely on the pricy side here. We spent about $4000 on my engagement ring, $700 on my wedding ring, and $600 on his wedding ring.
However, I LOVE my rings. My engagement ring has a yellow sapphire with two smaller diamonds on either side, and it shines like the sun. My wedding band has tiny diamonds (I think) around it. I had actually insisted on a $300 ring, but when we went out looking for rings together, I fell in love with my yellow ring. I have paperwork somewhere that says how many carats it is, the clarity, etc., but I don't care. I didn't even listen when the salesperson told me how big it was, to her surprise. All I cared about was that it was gorgeous and made me smile. Even after seeing it, I told my husband I wanted another, cheaper ring. But he bought me this one anyway. I know people say you're supposed to wear your engagement ring only on special occasions, but I love it so much that I wear both my rings every single day. I would hate to spend any amount of money on something I didn't wear regularly! I love my quirky ring.
In contrast, our "wedding" had the requisite two guests as witnesses, we called our next scheduled vacation our honeymoon, and we celebrated by buying a house together. People have different priorities.
Oh, and I don't think I would EVER want my husband to buy something that expensive for me without having me along to choose exactly what I want. Maybe there's less of a surprise in that or whatever, but at least I got a ring I adore and wear instead of an overpriced formality in aesthetically arranged carbon atoms.