https://www.scientificamerican.com/article/why-rituals-work/
Big example of real rituals which have purpose, Key Signing Ceremonies. Small example, when I leave somewhere I always pat both pockets twice, everything I absolutely need is always in those pockets, keys, wallet, phone. And so I won't leave them behind.
The weird thing about the diamond engagement ring is that it isn't a powerful symbol of anything. The wedding ring is the powerful symbol, and that would conventionally just be a metal band. You see those everywhere which is of course made more practical by their being a simple metal band.
After my wallet fell out of my pants pocket into my office chair and I thought I'd lost it for 2 days, I updated this ritual to do it every time I walk through a doorway. That way if I lose something I know exactly which room it's in.
Was just about to post this. I didn't start doing this on purpose, but at some point I noticed I was.
The ring is basically a sacrifice, which goes with the "blood diamond" thing pretty neatly.
On the other hand, a loving relationship and marriage is worth much more than a diamond ring ever could be. When you have a caring wife and you both love and help each other you’ll get an immeasurable improvement in your life.
To conclude, yes it’s overpriced, yes there are problems with diamond mining, yes DeBeers artificially controls the supply, and yes you can find a rarer stone for less, or something more exotic, but your wife wants a diamond, so you buy a diamond and hopefully live a happy life.
Your SO probably doesn't want a logical gift, she wants something sentimental that makes her feel that you care about her. For some people, that's an expensive rock with no utility, for others it might be something different. But applying logic to what's ultimately an emotional, illogical affair isn't always productive.