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Damn, you're friends with some high rollers.
That old __% of your salary or one month's salary or whatever is bullshit. I'd say it depends completely on her and what you think she'll like. Plus, you don't want to set the bar too high for some bling in the future...
I dropped 2g on my sweetie's platinum/.75c diamond ring. She thought it was too much, but she's worth it. :)
What sucks - most women want a ring bigger than 1 carat now. .
Do your research when you go to look (color, clarity, cuts, carats). You will get robbed if the jeweler can sense that you are naive.