The engagement ring was originally a symbol that the man now owned his bride-to-be. The ring is placed on the fourth finger of the left hand because the Ancient Egyptians believed that it contained the vena amoris, a vein that led straight to the heart.
Historically, jilted women were allowed to keep the ring as a payment for a "damaged reputation," since it might be assumed that they lost their virginity during the engagement period-something that would dramatically reduce their future prospects of marriage.
Since women are given engagement rings to prove they are betrothed, why don't the men do same to show they are not available either. It's just my opinion.
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