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My pops is a jeweler. From what I've seen/heard, 90% of his customers don't spend more than $5k on an engagement ring. Granted, the same ring would have a 25% markup at any store like Tiffany's, Jared's, etc.
Do yourself a favor and go to a reputable manufacturer in your area. My brother in law had bought my sister an $8k Tiffany ring. My dad made him return it and made the same exact ring with a slightly better quality stone for $6k.
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