my wife's is a basic band, but the diamond *was* a perfectly cut, unblemished specimen. The appraiser was impressed. We bought it for $130 at a pawn shop. Had no idea what we were buying, just what we could afford.
I say "was" because she lost it New Years!
And now we're figuring out the best way to do it all over again...because we're not doing it a third time
Anyway, we're doing the same thing as you...searching for new bands (albeit we already had a go round).
And as for going into debt...guess what, there's an etiquette formula. I think it's 3 month's wages. So your hubby to be is expected to go into debt