In Brazil, it is tradition to wear a simple band (usually not embellished) on your right hand ring finger when you are engaged--switching to the left hand after "I do." Men don't have to sweat out a year's salary to buy the "rock." And women don't spend inordinate amounts of time sizing up each other's rings. I think it is actually a relief for all parties (okay, maybe the men more than the women). And also there is a lovely tradition here of receiving jewelry with the passage of time and monumental life moments as a couple. You sort of earn the "bling."
I have a simple ring. And I love it. I do not covet big diamonds as I wouldn't feel very comfortable wearing one in São Paulo (crime). But, honest to goodness when I saw this ring. I changed my mind fast.
Simple. Gorgeous. And waiting for a monumental moment (me, that is!)...