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That rediculous rule of thumb was created by the diamond merchants so ignore it.
Listen up now;
It's not about the rings!
The ring is a symbol, and as such the money you spend is meaningless. You can buy very nice, rings for a lot less money.
As an example, I'm lucky in that my wife shares my taste in jewelry ie. we dont' believe in spending big bucks, and we don't like diamonds (they just look like glass. boring). We bought a beautifull lab emerald ring for the engagement ring, a gold wrap to combine with it for the wedding ring, and a lab emerald wedding ring for myself for a total somewhere under $1000. We get compliments all the time.
Oh and another benefit to being frugal... She lost the rings a month after the wedding (long story) and it didn't break the bank to replace them.
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