My advice? Unless she has already let on that a diamond is an absolute must, don't do it. Think of all the other wonderful ways you can spend $X thousand dollars. If I had known what I know now, I'd have spent the money on a vacation to create some memories instead of sinking a few thousand into a rock that -- while beautiful -- isn't as rare as the industry would have you believe and sometimes is harvested under questionable circumstances.
(Did I mention that my wife lost her engagement ring?)
Quite honestly Peter is right on this. If I were to do it all over again I would suggest a simple gold band and real nice trip on our honeymoon.