If you're going to get her a ring, look into actual precious stones instead of diamonds. Diamonds are virtually worthless, completely market driven by a single person.
"X" amount pay is dumb. Use your best judgement on what fits your financial situation and look at rings with her. If she is completely sold on a ring based on how much it costs, then you need to step back and think about finances for the wedding itself as well as everything you'll share financially as a couple. She could suck you dry trying to keep up with her friends.
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