lol I'm the opposite. I would rather spend more on something I'll wear for the rest of my life and save on the wedding.
Thats exactly what we did!

My engagement ring cost more than our whole wedding... and is actually worth about 3 times as much
(If you ask my SIL, its way too over the top... and ridiculous & impractical to have a ring like mine as something you wear everyday! )

My brother is a designer/jewellery maker for one of the most prestigious private jewellers in Sydney.
He took DH to buy the diamond (at his price, so it was actually affordable) and then designed & made the ring.

The only thing I knew was that it was a princess cut (which was my only request) - and apart from that I had no clue

I'm probably the wrong person to ask, though, as I'm obsessed with jewellery & have no issues spending the $$ because I see it as something that lasts a lifetime.... and I wear it everyday.

It just has to be up to you what you like - don't put a cost on it.

If you're wearing the piece of jewellery you love representing the man that you love, then thats all that matters.

Price has no importance. If you love it, then it will be beautiful