My wife also has a moissanite engagement ring that we love. It was more like 1/5 the cost of a diamond ring, although maybe I'm figuring "equivalent diamond" differently than you (doing the math on your comment indicates about $400, which is around what we paid, but I'm seeing similar diamond settings for about $2-3K on Brilliant Earth, though with slightly smaller & fewer stones).

Our main motivation was actually social justice over price, though - my wife is big into a number of social justice causes, and couldn't justify killing villagers in the Congo so she could have a diamond engagement ring. We looked into lab-grown diamonds as well, but just found that we liked the look of moissanite more. You can totally tell the difference if you have a trained eye, but to mine moissanite is better in basically every respect you would care about: it sparkles more, has more defined facets, and tends to be clearer with a brighter light.