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The ring is supposed to be valuable, but the idea is that the groom shouldn't be able to misrepresent the value of the ring to the bride or her family. He shouldn't be able to go to some random jewelry store and drop a couple hundred dollars on a ring with a CZ and go to his fiancee and tell her it's a diamond and he spent $5000 on it. If it's a plain gold band, then there's little room for misrepresentation.
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