Conventionally in the western culture, the engagement and wedding rings were worn on the third finger on the left hand. But just like in most cases with traditions, though we follow it, we rarely know how it originated, or how it became so popular. There are many different sources which explain how the tradition came to be. 

Betrothal rings or engagement rings were used during Roman times, but weren't generally reborn in the western world until the 13th century. Worn on the third finger on the left hand has been known as the 'ring finger' since the days of Ancient Rome. The Romans are thought to have believed that a major vein ran all the way from the ring finger to the heart. This vein was nicknamed the 'vein of love.' The finger which held this vein then became the most common choice of finger to wear a wedding ring. Thus it linked directly to one’s heart. 

Before agreeing to marry, a couple may choose to buy and wear pre-engagement rings, also called promise rings. Engagement rings were initially presented to a potential bride as a gift from her future husband, to demonstrate to her that he was wealthy and could afford to provide and take care of her. The gift of a valuable piece of jewelry also ensured the bride's financial stability; if she was divorced or widowed, she could sell her ring in order to provide for herself. The engagement ring usually doubled as the wedding ring after the ceremony, or the couple will have separate matching wedding bands. Both rings are typically worn on the same finger, and may be purchased as part of a set. Some brides have their engagement and wedding rings permanently soldered together after marriage. This is a way to keep them together all of the time and this treatment also stops the rings from spinning around the finger. Also it has become more common for both the bride and the groom to wear wedding rings; the engagement ring became a separate gift, and is now usually worn in addition to a wedding band. While engagement rings are usually only worn by brides, there has lately been a trend of male engagement rings too. As some women have done away with the waiting to be proposed to and take matters into their own hands.

Like most jewelry, the price for an engagement ring varies considerably depending on the metals, and stones used, the design of the ring, and whether it includes a gemstone. The engagement rings today are traditionally a diamond. The tradition of the diamond ring has little historical significance. The idea that a man should spend 1/3 of his monthly income for an engagement ring originated from the De Beers marketing materials in the early 20th century, in an effort to increase the sale of diamonds. Engagement rings are worn throughout the period of betrothal prior to the wedding. They are generally either presented at the time of the marriage proposal, or purchased shortly afterward. 

About three years ago, the average cost of an engagement ring in United States was about $2,100.00, and is now approximately 25-2,700.00. One reason for the increase in popularity for more expensive engagement rings is because when a man who broke off a marriage engagement he could be sued for breach of promise. Monetary damages included actual expenses incurred in preparing for the wedding, plus damages for emotional distress and loss of other marriage prospects. 

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