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from Wikipedia:
Betrothal rings were used during Roman times, but weren't generally revived in the Western world until the 13th century. The first well-documented use of a diamond ring to signify engagement was by the Archduke Maximilian of Austria in imperial court of Vienna in 1477, upon his betrothal to Mary of Burgundy. Before the 20th century, other types of betrothal gifts were common. Before the end of the 19th century, the bride-to-be frequently received a sewing thimble rather than a engagement ring. This practice was particularly common among religious groups that shunned jewelry. Engagement rings didn't become standard in the West until the end of the 19th century, and diamond rings didn't become common until the 1930s. Now, 80% of American women are offered a diamond ring to signify engagement In the 20th century, if he could afford it, the typical Western groom privately selected and purchased an engagement ring, which he then presented to his desired bride when he proposed marriage. More recently, couples frequently select an engagement ring together. In countries where both partners wear engagement rings, matching rings may be selected and purchased together. In the United States and Canada, where only women commonly wear engagement rings, women sometimes present their partners with an engagement ring Like all jewelry, the price for an engagement ring can vary considerably depending on the materials used, the design of the ring, whether it includes a gemstone, the value of any gemstone, and the seller. The idea that a man should spend two to three months' personal wages for an engagement ring originated from De Beers marketing materials in the early 20th century, in an effort to increase the sale of diamonds.] In 2007, the average cost of an engagement ring in USA as reported by the industry was US$2,100. The price of the gemstones, if any, in the ring depends on the type and quality of the gem. Diamonds have a standardized description that values them according to their carat weight, color, clarity and cut. Other gemstones, such as sapphires, rubies, moissanite, emeralds, have different systems. These may be chosen to honor a family tradition, to use family heirlooms, to be unique, to be socially responsible, to fit the individual's stylistic preferences, or to manage cost. Synthetic stones and diamond substitutes such as cubic zirconias are also popular choices that reduce cost while maintaining the desired appearance. In some states of the United States, engagement rings are considered "conditional gifts" under the legal rules of property. This is an exception to the general rule that gifts cannot be revoked once properly given. See, for example, the case of Meyer v. Mitnick, 625 N.W.2d 136 (Michigan, 2001), whose ruling found the following reasoning persuasive: "the so-called 'modern trend' holds that because an engagement ring is an inherently conditional gift, once the engagement has been broken, the ring should be returned to the donor. Thus, the question of who broke the engagement and why, or who was 'at fault,' is irrelevant. This is the no-fault line of cases." One case in New South Wales, Australia ended in the man suing his former fiancée because she threw the ring in the trash after he told her she could keep it, despite the marriage proposal failing. The Supreme Court of New South Wales held that despite what the man said, the ring remained a conditional gift (partly because his saying that she could keep it was partly due to his desire to salvage the relationship) and she was ordered to pay him its AUD$15,250 cost. Tradition generally holds that if the betrothal fails because the man himself breaks off the engagement, the woman is not obliged to return the ring. Legally, this condition can be subject to either a modified or a strict fault rule. Under the former, the fiancé can demand the return of the ring unless he breaks the engagement. Under the latter, the fiancé is entitled to the return unless his actions caused the breakup of the relationship, the same as the traditional approach. However, a no-fault rule is being advanced in some jurisdictions, under which the fiancé is always entitled to the return of the ring. The ring only becomes the property of the woman when marriage occurs. An unconditional gift approach is another possibility, wherein the ring is always treated as a gift, to be kept by the fiancée whether or not the relationship progresses to marriage. Recent court rulings have determined that the date in which the ring was offered can determine the condition of the gift. e.g. Valentine's Day and Christmas are nationally recognized as gift giving holidays. A ring offered in the form of a Christmas present will likely remain the personal property of the recipient in the event of a breakup.
