No, believe me, it's not low self-esteem.
Sapphire engagement rings are more common than you think. My dream ring is a sapphire (either solitaire or surrounded by diamonds, but set in white gold or platinum either way). If I remember correctly, Princess Diana had a sapphire engagement ring, didn't she?
But I'm with you. I think that I'd be so thrilled to be engaged I wouldn't care what the damn ring looked like!