Is this an American thing? I'm polish and this whole discussion is just mind boggling. I don't know anybody who would had such high (monetary wise) demands
Both times I got engaged (only got married once, though), I brought my partner to the jewellery store to pick out rings we both liked, as it would be something we'd be wearing for a non-determined time and I'd say that being happy with that trumps the whole "propose with a ring out of nowhere in public".