No, not even close. In fact, I suspect that outside the people that programmers on HN and other upper-income cohorts hang out with, it's extremely rare.

FWIW, my wife has a $600 artificial diamond ring that she picked out at Walmart.com. It's one of her most prized possessions (not because of the cost, but because of what it symbolizes) and she frequently points out to people how inexpensive it was.

I distinctly remember her saying that if I were to pay 2 months salary for a ring it would be a sign that I was too dumb to marry. For that kind of money she'd rather have a new car.