Just my 2 cents: I don't want an engagement ring. I'd rather go on a great honeymoon or something else but it is absolutely unconcionable to me for someone to spend in the thousands of dollars on a RING!!
I know I'm part of a tiny minority (I might be the only one in it!) but I seriously couldn't wear it. Kids are dying of hunger in Africa (heck, kids are dying of hunger HERE), and I'm going to ask for a $1,000 or $10,000 or $20,000 engagement ring? I simply couldn't do it. I couldn't live with myself.
I'm not going to judge others who make that choice, but I can't help thinking "How many lives could that $20,000 have saved." Of course there are so many other areas of our lives that this philosophy can be applied to as well, so like I said, I don't judge others, but I'm making it very clear I don't want one at all. Donate the money to a charity (that actually does good work, not to some bureaucracy).