I have a platinum engagement ring with a .72 carat diamond. I would never want or expect something like that now, but was not as Mustachian 20 years ago, and in fact did not get the engagement ring until we had been married two years--so it wasn't a "must have" or anything like that. My husband and I found a way to get the stone and the setting at big discounts (as Lorin posted above), and it is a truly beautiful and meaningful piece of jewelry. My wedding band (set with little diamonds) was a family heirloom from his side…and while it doesn't match the engagement ring, the two rings look good together and all in all mean a lot to me. In terms of ring overkill, I've inherited wedding sets from my MIL, and just recently from my mother. My two daughters have already inherited three wedding sets between them. We all realize they're essentially worthless, but the grandsons will have plenty of choices for their fiancees in the future!