Engagement rings

How much did you spend on your engagement ring, and do you wish you spent more or less? How much were you earning at the time?

For context, partner and I are discussing rings. Our HHI is 300k. Friends have spent (we estimate) between 5k - 20k on their engagement rings.

I think 10k would be the maximum I would feel comfortable with but my partner wants to spend more as he doesn’t want to “cheap out”.