Rings have been a popular token of esteem from ancient times. Royalty exchanged rings and other jewelry to memorialize events such as Royal Visits and Coronations. The aristocratic class followed suit and used rings to mark their lesser occasions, like birthdays and holidays. As societies became ever more democratic and egalitarian, the common classes did their best to imitate the wealthier models, and used rings to symbolize their bonds.
Betrothal rings, the ancient ancestors of our modern engagement rings, served several symbolic and practical levels of meaning. The material used depended on the wealth of the giver and his family -- gold for the more well-to-do, silver for the common folk. Gems of any sort were usually reserved for the wealthy. Pearls were particularly popular for antique engagement rings, as symbols of purity. Sometimes white or clear diamonds were used. Jewelry in general was often used as both a symbol of and depository for wealth, or for those of modest means, as an emergency reserve. A young man could prove his earning potential to both his intended and (perhaps more importantly) to her family, with an expensive ring.
The inside of the ring was often inscribed with posy:
"Hearts united live contented"
"I will be yours while breath endures"
"God's blessing be on me and thee"
"Joy be with you."
Simple bands were most common, but by the 18th and 19th centuries, more ornate forms became popular, such as two hands clasping one another, or holding between them a heart. That latter form has been popularized in modern times as the Claddagh ring -- named for the village outside the city of Galway Ireland.
It was only in the 20th century that the use of diamonds became de rigueur. Some claim that the custom is entirely due to the De Beers company and their 'Diamonds are Forever' advertising campaign, which may be an exaggeration, but probably has some truth behind it. However the custom came about, it makes it difficult to find an engagement ring that is both antique and suits the modern fashion of featuring a diamond setting. Vintage diamond rings (less than 100 years old) fill the gap nicely, with the availability nearly matching the demand, since there were fewer brides in the past, but only a minority of modern brides appreciate the charm of vintage styling.
There are also modern rings made with a style they call 'antique' -- which sounds like another marketing ploy to me, but that is not relevant to this site ...
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ajmorris