Congratulations! Don't do what I did. Insure the ring.
And be sure to follow whatever rules go along with the insurance... in our case, it involved bringing in the ring not less than every 6 months to be sure the diamond was seated correctly and a host of other nearly-impossible-to-meet demands.
Although with our new insurer, they didn't require a separate rider for anything smaller than pretty much the Hope diamond (or our home office equipment, or the firearms, or any of the collections, or...) I was impressed.
Bren R.