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For counterbalance, I proposed and bought my OH an engagement ring when we were travelling. It was a very cheap (but nice looking) placeholder. When we got back they decided there was no point in spending money on another "proper" ring, because a) they already had the actual ring I proposed with, and b) because they wear a wedding ring every day not an engagement ring.
Others might disagree, but I think the whole engagement ring arms race has got a bit ridiculous, and in its current form is another eg of a negative Americanism.
I'd be tempted to get some sort of token ring, but if you didn't give a ring when you proposed I'm not sure it has any meaningful value.
Tl;dr I think a watch sounds like a great idea.
hugo7
Ha! Understand the point of view but I think she’s pretty set on what she wants. IIRC her words were “I’m not wearing an engagement ring if you aren’t” :-D